Stocks fell Thursday after jobs data showed the labour market is still strong amid the Federal Reserve’s interest rate hikes to tame inflation.

The Dow Jones Industrials weakened 301.42 points to open Thursday at 32,968.51

The S&P 500 slumped 35.49 points at 3,817.48

The NASDAQ Composite Index slouched 102.58 points to 10,356.18, led by shares of Tesla down 4.4%.

Stocks opened lower after the ADP private payrolls report showed that employers added 235,000 jobs in December, well above economist estimates. Wages also increased more than anticipated, another sign that the labour market remains hot. Later in the morning, weekly jobless claims came in below expectations and showed a drop in continuing claims.

On Friday, investors will review the December jobs report for updated data on employment and hourly wages. Since the report could have a big impact on the Fed’s next moves, it has the potential to impact the market. Investors don’t want to see big gains in wage growth, which could signal higher inflation.

Prices for the 10-year Treasury fell, raising yields to 3.77% from Wednesday’s 3.68%. Treasury prices and yields move in opposite directions.

Oil prices advanced 42 cents to $73.26 U.S. a barrel.

Gold prices dulled $20.70 to $1,838.30 U.S. an ounce.