The US stock market experienced a major downturn, with the Dow Jones Industrial Average plunging over 650 points after an unexpectedly robust jobs report raised concerns about future interest rate cuts by the Federal Reserve. Wall Street analysts noted that the strong employment figures, which showed the economy added 256,000 jobs, created worries about inflation, prompting a spike in bond yields and leading to a sell-off across major indices including the S&P 500 and Nasdaq. Amid this economic backdrop, Treasury yields surged to their highest levels since early in the year, further dampening investor sentiment. Many traders are now reassessing rate expectations amidst the job market boom, signaling a challenging period ahead for equities.