US stocks dropped significantly on Friday, dragging major indexes into the negative for the week as Wall Street concentrated on the negative of the country’s still-strong job market.

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The S&P 500 index dropped 68.28 points, or 1.6%, to 4,108.54. It is a turnaround from Thursday’s market moves when narrower data on the US job market came in lower than expected. This fueled speculation that the Fed may contemplate pausing rate hikes later this year, and the prospect of a less aggressive Fed sent equities soaring.

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The slide on Friday also dragged the benchmark S&P 500 into its eighth weekly loss in the last nine. The outlier in that stretch was last week when stocks roared in part on speculation that the Fed would consider a pause in rate hikes in September.

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The Dow Jones Industrial Average fell 348.58 points, or 1%, to 32,899.70. The Nasdaq fell 304.16 points, or 2.5%, to 12,012.73.

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The yield on the two-year Treasury, which tends to move with expectations for Fed action, rose to 2.68% from 2.62% just before the report’s release. The 10-year yield, which tracks expectations for longer-term growth and inflation, rose to 2.95% from 2.91% after earlier climbing as high as 2.99%.

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More than four out of five stocks in the S&P 500 fell amid the worries about rising rates, with the heaviest losses hitting technology stocks and other big winners of the prior low-rate world.

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Tesla tumbled 9.2% after U.S. safety regulators said more than 750 owners have complained about cars suddenly stopping on roadways for no apparent reason while operating on their partially automated driving systems. A report also said Tesla is considering layoffs amid concerns by its CEO, Elon Musk, about the economy. Because Tesla is the fifth-biggest company in the S&P 500, its movements carry a heavier weight on the index.

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Companies from Walmart to Delta Air Lines have recently warned how inflation is eating into their profits, which has upped the pressure on markets because stock prices tend to track profits over the long term. The warnings are layering on top of the market’s worries about Russia’s invasion of Ukraine and about business-slowing, anti-COVID measures in China.