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US stocks plummeted Friday as the June jobs report came in above expectations,  paving the way for more aggressive rate hikes from the Federal Reserve. 

Nonfarm payrolls soared 372,000 for June, according to the Bureau of Labor Statistics, well above Dow Jones' estimate of 250,000 and carrying on this year's trend of strong job growth.

"While many participants were looking for a broader slowdown in hiring last month, the reality is the demand for labor remains strong, and absent a meaningful decline in hiring, it is hard to envision the economy is on the brink of recession," said Charlie Ripley, senior investment strategist at Allianz Investment Management. "Overall, today's report simply means the Fed still has more work to do with regards to policy rates to cool demand in the economy, and a 75 basis point rate hike is almost a certainty at this point."

The tech-heavy Nasdaq is up roughly 4.4% on the week, and the Dow Jones Industrial Average is up about 0.92%, with both indexes are on track for their second positive week out of the last three. 

Here's where US indexes stood as the market opened 9:30 a.m. on Friday: 

• S&P 500: 3,885.78, down 0.43% 

• Dow Jones Industrial Average: 31,361.70, down 0.07% (22.85 points)

• Nasdaq Composite: 11,514.23, down 0.92% 

Mortgage rates posted their biggest weekly fall since 2008, providing a minor relief to buyers, according to Freddie Mac. The average rate on the 30-year fixed-rate loan fell to 5.3%, down from 5.7% last week, Thursday data shows.

Twitter shares lost 4% Friday after a report from the Washington Post said that Elon Musk's buyout deal was in "serious jeopardy."

Meanwhile, Goldman Sachs forecasted that oil will hit $140 a barrel thanks to overplayed recession risks. Over the past month, crude has shed 15%, though the bank said commodities investors are worrying too much about a recession. 

Bitcoin fell 1.18% to $21.372.01