Wall Street's most watched gauge of investor anxiety rose to a three-week high on Friday as stock indexes sold off following a an upbeat jobs report that pushed back market expectations for further Federal Reserve interest rate cuts.

U.S. stock indexes are feeling pressure from better-than-expected reports on the job market and business activity.

Asian stocks are mostly lower after U.S. stock indexes finished mixed a day after strong reports on the economy stirred up worries that inflation and interest rates may remain higher than expected

Asian stocks largely lower on Thursday after U.S. stocks had a volatile trading session and ended mixed. Equities slumped after economic reports on labor market and services sector. Chinese shares were mixed.

U.S. stocks are sinking on worries that Friday’s good news on the job market may be too good and prove to be bad for Wall Street by keeping inflation and interest rates high. The S&P 500 was down 0.8% in early trading and on track for its fourth losing week in the last five.