SanDisk Jumps 10%, Lululemon Crashes 17%: Stock Market Today

U.S. equities slipped from Thursday’s rebound highs by midday Friday after a blowout August payroll report forced traders to price in a genuine chance the Federal Reserve raises rates this month.

Beneath a quiet index tape, the rotation was violent: memory and semiconductor names ripped while software and discretionary retail were gutted.

The U.S. economy added 162,000 jobs in August, nearly triple the 55,000 consensus and a sharp reversal from July’s upwardly revised 21,000 increase.

Markets now price a roughly 52% probability of a 25-basis-point increase in the federal funds rate this month, up sharply from Thursday.