Market Extra: Stock market slumps as investors realize rates will be higher for longer

Scott Olson/Getty ImagesFinancial markets are finally coming around to the idea that U.S. interest rates are likely staying higher for longer, driven by Thursday’s blowout private-sector jobs report for June from ADP and the prospect of another strong official labor-market reading on Friday.It’s taken a while to get to this point, but the data finally appears to be too much to ignore. After payroll-services firm ADP reported 497,000 private-sector jobs were added in June — more than twice as...