Nasdaq plunges nearly 4% as US stocks sell off after strong jobs report solidifies outlook for another big rate hike

The stronger-than-expected September jobs report all but solidified another interest rate hike by the Federal Reserve in November.

There were 263,000 jobs created in the US last month. The unemployment rate fell in the last month. It was expected that the rate would stay the same.

Most of the job gains were in healthcare and leisure, with average hourly earnings moving higher. The report gave credence to the Fed's continued resistance to calls to stop hiking rates. The Fed watch tool put the odds of a 75-basis-point rate hike at 81%, up from yesterday's expectations.

The job market keeps chugging along, and the Fed has more work to do, according to David Donabedian. This isn't good news for the Fed, which wants to see a slowing in the jobs market to ease wage growth. The equity market has been negatively impacted by the Fed's continued tightening of the economy.

At 4:00 p.m., the US index stood here. Friday is the last day of the week.

There are other things happening today.

Commodities and bonds are included.

• West Texas Intermediate crude oil jumped 4.64% to $92.55 per barrel. Brent crude, oil's international benchmark, rose 3.69% to $97.90.
• Gold fell 0.85% to $1,706.10 per ounce.
• The yield on the 10-year Treasury rose five basis points to 3.87%.
• Bitcoin fell 2.70% to $19,448, while ether fell 2.27% to $1,324.