Many investors are now gearing up for a September rate hike, after the unemployment rate hit a seven-year low
Fears of a September rate hike have rocked the Dow Jones Industrial Average (DJIA). Even though this morning's nonfarm payrolls report missed expectations, the unemployment rate hit a seven-year low, which some believe will provide enough gas for the Fed to raise rates later this month. Adding fuel to the fire were Richmond Fed President Jeffrey Lacker's comments that economic conditions no longer warrant interest rates near zero. At last check, the Dow was down triple digits, on pace for a weekly loss of more than 3%.
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Among the stocks with notable call volume is BlackBerry Ltd (NASDAQ:BBRY). The contracts are crossing at four times the normal pace, after the company revealed a $425 million acquisition. One of the more popular options is the weekly 9/4 8-strike call, as traders bet on the stock topping $8 by today's close. BBRY was last seen 1.3% higher at $7.56.
One of the top losers on the Big Board is coal concern Arch Coal Inc (NYSE:ACI), as the shares get pummeled once again. The stock had shed 15.5% to hit $5.44. Before today's open, ACI had already fallen 79% in the past 12 months.
One of the top gainers on the NYSE is Joy Global Inc. (NYSE:JOY). The stock is reversing from yesterday's double-digit dip, picking up 3.1% to sit at $19.49, despite receiving price-target cuts from no fewer than 10 brokerage firms. It's likely shares of the mining equipment maker were simply due for a bounce, with the equity's 14-day Relative Strength Index (RSI) sitting well in oversold territory.

The CBOE Volatility Index (VIX) has added 2.4 points, or 9.3%, as it approaches its overhead 10-day moving average.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.75, with puts holding the advantage over calls. The SPY has given back 2.4 points, or 1.2%, to trade at $193.11.