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U.S. stocks slid Friday after May employment data showed a slower but still robust pace of hiring during the month.
The S&P 500 plunged 1.7%, while the Dow Jones Industrial Average shed 340 points, or 1%. The Nasdaq Composite tumbled 2.6%. Meanwhile, the most notable move in markets following the jobs report came from the bond market, with the yield on 10-year Treasury climbing 7 basis points to 2.99% following the release.
The Labor Department’s monthly employment report showed the U.S. economy created 390,000 jobs in May, with the unemployment rate holding steady at 3.6%. Economists had expected a clip of 318,000 jobs with the unemployment rate falling to 3.5%.
“Overall, it seems like the job creation machine runs on full-steam and anecdotal evidence has it that hiring remains difficult for businesses of all sizes as demand outpaces supply,” Christian Scherrmann, DWS’ U.S. Economist said in a note.
“Looking ahead, the Fed is most likely to feel reassured that it has struck the right balance lately,” he added. “That, in turn, means it is likely to stick to its aggressive monetary normalization path.”
In markets, shares of Tesla (TSLA) plunged nearly 9% after Reuters reported CEO Elon Musk warned of a “super bad feeling” about the economy and said the company is expected to trim about 10% of jobs in an email to executives.
Musk also motioned management to “pause all hiring worldwide” in the note. The electric-vehicle giant joins a growing docket of companies that have recently reported grappling with headwinds from macroeconomic uncertainty.
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