Stock futures tumble on fears of faster Fed rate hike

S&P 500 futures are down 42 points shortly before the open while Nasdaq futures are down 195 points.

The US Dollar hits the best levels of the day as the market continues to recalibrate the pace of rate hikes. The probability of a 75 basis point hike is 70% versus 40% before the jobs data. US 2-year yields are now up 21 basis points on the day at 3.24%.

This is a huge test for the recent rebound in US equities.

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