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The stock market fell Friday after the U.S. economy added back a better-than-expected 528,000 jobs in July, with investors now anticipating that a strong labor market will keep the Federal Reserve on its path of aggressive interest rate hikes to bring down inflation.

Key Facts

The Dow Jones Industrial Average was down 0.3%, over 100 points, in early trading while the S&P 500 fell 0.6% and the tech-heavy Nasdaq Composite dropped 1.0%.

Stocks fell despite a strong non-farm payrolls report: The labor market added back 528,000 jobs in July—easily surpassing the 258,000 expected by analysts, according to the Bureau of Labor Statistics on Friday.

Unemployment ticked down to 3.5%, while wage growth continued to rise, up 0.5 percentage points from the previous month and over 5 points higher than a year ago, signaling that inflation pressures continue to remain.

Keep reading this article on Forbes Business.

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