I don't understand why the market dropped so much after Friday's jobs report. Despite the headline results, NFP was clearly not that hot

So the leading theory for why the stock market fell so much last Friday was because a hot jobs report led to a substantial increase in Fed rate hike odds. NFP reported 172K job additions vs 80K expected.

However, it barely takes any digging to see that all of the job gains came from part time jobs: Part time jobs were up 230K while full time jobs were actually down 80K. Any random person can tell it's not a healthy job market, never mind sophisticated traders with all the information in the world available to them.

Yet, the market treated the NFP results as though they were a massive beat. Federal reserve rate hike odds for the year increased from 40% to 70% once NFP released. I don't understand the reaction. I know there are other concerns such as high oil/inflation, but a strong jobs market really doesn't seem like one of them.

How did sophisticated stock and bond traders come to the conclusion that the jobs market is flourishing and that as a result, rate hikes are imminent?