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All U.S. markets lose some steam at the close on Friday, following a surprising jobs report poured cold water on hopes for an interest rate cut.
The Dow Jones Industrials turned lower 87.31 points to 38,798.86.
The S&P 500 declined 5.95 points to 5,347.01.
The NASDAQ lost 39.99 points to 17,165.48.
All three of the major averages are on pace for a winning week. The Dow enjoyed a 0.7% gain, while the S&P 500 was higher by 1.5% and the NASDAQ was on pace for a 2.5% advance.
Chipmaker and artificial intelligence darling Nvidia slipped roughly 0.3% off a record high set earlier in the week. Technology stocks including Meta Platforms fell 0.3%, to $492.58, and Alphabet traded 1.3% lower to $174.36
Non-farm payrolls increased by 272,000 in May, above the 190,000 estimate from Dow Jones and April’s 175,000. Average hourly wages increased 0.4% last month and ticked up 4.1% from a year ago. However, even with the job gains the unemployment rate ticked higher to 4%.
Investors had been hoping for weak jobs figures that would give the Fed the green light to cut rates, but not so dim as to indicate a recession.
Prices for the 10-year Treasury fell sharply, raising yields to 4.43% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices fell 23 cents to $75.32 U.S. a barrel.
Gold prices gave way $81.70 to $2,309.20
