What strong jobs data means for rates -- plus, an out-of-favor trade shines this week

U.S. stocks slid on Friday after the August jobs report beat expectations, even as the S&P 500 was still headed for a positive week. Nonfarm payrolls rose 162,000 versus the 53,000 forecast, and revisions added 55,000 for June and July, including a July upgrade that flipped it from a 23,000 loss to a 21,000 gain. The unemployment rate held at 4.1% and labor force participation inched up to 61.6%. Traders lifted the probability of a Fed rate hike after the September 15–16 meeting to nearly 60% from about 50% Thursday, per CME FedWatch. In the CNBC Investing Club portfolio, AI buildout names were mixed: Micron, Intel and Nvidia rose about 6%, while Palo Alto Networks fell 10%.