Nasdaq 100 Slides as Blowout Jobs Data Fuels Fed Hike Bets

The Nasdaq 100 turned lower alongside the Dow and S&P 500 after a surprisingly strong US jobs report reshuffled expectations for Federal Reserve policy. Traders had positioned for a pause, but the blowout payrolls print pushed odds of another rate hike sharply higher.

Rate-sensitive tech names led the pullback, as higher-for-longer borrowing costs weigh disproportionately on growth stocks with elevated valuations. The index's heavy weighting toward mega-cap technology means shifts in rate expectations tend to produce outsized moves versus broader benchmarks.

With the labor market data reinforcing a hawkish narrative, near-term Nasdaq 100 direction now hinges on incoming inflation prints and Fed commentary. Volatility is likely to persist as markets recalibrate rate-path assumptions.