S&P 500, Nasdaq slip at open after solid jobs data fuels hawkish Fed fears; chip stocks fall

[NEW YORK] The S&P 500 and the Nasdaq dropped at market open on Thursday as chip stocks eased after a sharp rally, while a strong jobs report reinforced expectations of tighter monetary policy.

The Dow Jones Industrial Average rose 48.1 points, or 0.09 per cent, at the open to 51610.02.

The S&P 500 fell 47.0 points, or 0.62 per cent, at the open to 7537.36​, while the Nasdaq Composite dropped 294.4 points, or 1.10 per cent, to 26,536.593 at the opening bell. REUTERS