Everything is sharply down.

Why? Because the jobs report came in and it looked better than expected. Why is everything down on that news? Isn't that good for the economy?

Yes. But, perversely, it is not good for prices, because the entire US economy is mediated by the Fed. A solid jobs report means the Fed might not lower interest rates, or might even raise them, and market-wide, that is all investors care about. Why?

Because lowering interest rates means printing more money, and raising them means printing less. More money printing means more price inflation, which is good for asset prices because investors want those to go up. That also means rent and groceries etc. will go up, but nobody cares about that.

So, while individual assets are still sensitive to conditions specific to each asset, markets as a whole move pretty much exclusively according to exactly 2 things: Fed policy, and anything likely to influence near-future Fed policy.

Sure do love this free market.