'The Fed's plan is wrong' -Pacer ETFs president

STORY: The U.S. Labor Department reported the unemployment rate fell to 3.5%, lower than expectations of 3.7%, in an economy that continues to show resilience despite the Fed's efforts to bring down high inflation by weakening growth.

"Bottom line is I think the Fed's plan is wrong," said O’Hara. "I don't think inflation is being caused by an overheated economy... you can lay it squarely, almost, on the price of energy."

Nonfarm payrolls rose by 263,000 jobs, more than the 250,000 figure economists polled by Reuters had forecast. Money markets raised to 94.1% the probability of a 75 basis-point rate hike when Fed policymakers meet on Nov. 1-2, up from 83.4% before the data.