Jobs nearly tripled forecasts, but S&P futures are in the red? It feels like good news is also bad news.

August payrolls came in at 162,000, while forecasts were only around 56,000, and unemployment remained at 4.1%. This sounds like good news, but I don't understand why Treasury yields increased while S&P futures are in the red. I suspect the problem is that a strong labor market gives the Fed less reason to cut interest rates.

I'm also wondering if the labor market starts weakening but Treasury yields stay elevated, wouldn’t stocks get hit from both sides? with weaker growth and still-high discount rates?