Stock market today: Dow, S&P 500, Nasdaq sink after jobs report surprise, oil tops $90

March 6, 2026 - 23:26

A surprisingly robust September jobs report sent shockwaves through Wall Street on Friday, dashing hopes for a near-term pause in the Federal Reserve's aggressive interest rate hikes. The major indices plunged, cementing a losing week as investors also grappled with oil prices breaching the $90 per barrel mark.

The Labor Department reported that U.S. employers added 336,000 jobs last month, nearly double what economists had forecast. While signaling continued economic strength, the data fueled fears that the Fed will maintain its tight monetary policy for longer to combat inflation. This triggered a broad sell-off, with rate-sensitive technology stocks leading the decline.

Compounding the market's anxiety was a sharp rally in crude oil. West Texas Intermediate futures surged past $90 a barrel, reigniting concerns that rising energy costs will pour fresh fuel on inflationary pressures. The combination of hawkish Fed expectations and expensive oil created a perfect storm for equities.

The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all fell sharply, deepening their losses for the week. The sell-off reflected a significant shift in sentiment, as investors swiftly recalibrated their outlook for corporate profits and economic growth in a higher-for-longer interest rate environment. Market volatility is expected to remain elevated as the central bank's next policy meeting approaches.