The Vanguard S&P 500 ETF (VOO) closed at $533.89 on January 10, down 1.52%, as the S&P 500 index fell 1.54% to 5,827.04 amid rising Treasury yields and strong labor market data. The unexpected addition of 256,000 jobs in December, surpassing forecasts of 155,000, pushed the unemployment rate down to 4.1%, leading to a spike in the 10-year Treasury yield to 4.772%, its highest since late 2023. This surge in yields has pressured equities, particularly growth-sensitive sectors like technology and financials, which saw declines of 2.6% and 2.2%, respectively. The robust jobs report has diminished hopes for Federal Reserve rate cuts in the near term, with traders now assigning a 97% probability that rates will remain unchanged at the January meeting. The market's reaction reflects concerns over the potential for prolonged tighter financial conditions, as higher yields increase discount rates and reduce the attractiveness of equities.