"Stocks Plummet as Fed Rate Hike Fears Intensify"

Stocks slid as strong labor data raised concerns about further Federal Reserve interest rate hikes, leading to fears about the impact on the economy. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experienced losses. The market now predicts a 95% chance of a rate hike at the Fed's July meeting. Additionally, Sweetgreen's stock rose after an upgrade from Bank of America, driven by increased foot traffic and a recovery in urban locations. Strong economic data, including the Institute for Supply Chain Management Services Index, pushed up GDP and jobs projections. The U.S. 10-year Treasury-Note yield increased, while stocks extended losses. Dallas Fed President Lorie Logan expressed her desire to raise rates at the June meeting. Job openings decreased in May, but other labor indicators remained strong. Meta's Threads app gained 10 million signups within hours of launch, posing competition to Twitter. Two-year treasury yields reached their highest level since 2007, indicating expectations of a rate hike at the next Fed meeting.