The Dow Jones Industrial Average fell 666 points on Friday as the market was spooked by an upsurge in wage rates.
From the Wall St Journal:
Concerns about rising interest rates pounded financial markets Friday as investors started to take the threat of inflation more seriously, a sharp shift from the sentiment that has characterized most of the stock market’s nearly nine-year bull-market run.
Annual growth in average hourly earnings for the private sector jumped to 2.88%, close to the 3.0% expected to trigger a more hawkish stance from the Fed.
The market is skittish about higher interest rates, with the VIX jumping to the highest level since November last year.