Nonfarm Payrolls added a whopping 467k (150k exp), while the prior reading of 199k was revised up to 510k. The unemployment rate ticked up a tenth to 4.0%, but we saw big increases in private payrolls (444k vs 150k exp) and average hourly earnings (0.7% vs 0.5% exp M/M and 5.7% vs 5.2 exp Y/Y). This follows what was a pretty disastrous reading from Wednesday’s ADP report in which an expected 225k came out as -301k. Despite this blowout number, stocks are selling off. Tech is leading the way down. Amazon did its best to save the market after the close yesterday, but the Nasdaq has now printed a new weekly low following the impressive jobs data. One has to think that kind of reading paves the way for the Fed to continue down the hawkish path, and the markets are reacting as if that is the case. Trader’s will now set their sites on next Thursday’s CPI reading to see if there is a chance they veer off course.