U.S. stocks moved lower after the release of a much stronger-than-expected August jobs report, according to CNBC. The Dow Jones Industrial Average declined during the session, with CNBC reporting the index down by as much as 300 points as trading progressed.

The catalyst was August’s payrolls reading, which came in hotter than economists had anticipated. A stronger labor market can be a sign of underlying economic strength, but it can also complicate the outlook for interest rates.

According to CNBC, the report increased expectations that the Federal Reserve could raise interest rates at its next meeting. Higher rates raise borrowing costs and can weigh on stock valuations, which helps explain the market’s negative reaction to what would otherwise be positive economic news.

CNBC tracked the market’s response across a series of live updates. Early coverage noted the Dow falling, with subsequent updates reporting declines of 250 points and 300 points as the session continued.

The dynamic underscores a familiar tension for investors: data pointing to a robust economy can be viewed unfavorably by markets when it makes additional monetary tightening more likely. In this case, the strength of hiring shifted expectations toward a potential rate increase rather than a pause or cut.

Beyond the payrolls figure and the shift in rate expectations, the available reporting did not specify further details on the exact number of jobs added or the precise timing of the Fed’s next meeting.