Stocks seesawed Friday, ending lower as investors digested the release of the monthly US jobs report to provide a steer to the Federal Reserve’s next move on interest rates.
The S&P 500 (^GSPC) fell around 0.3%, while the Dow Jones Industrial Average (^DJI) ended down 0.6%. The tech-heavy Nasdaq (^IXIC) led gains earlier in the session but ended down below the flatline. All three averages were down for the week, as well.
US government data showed employers added 209,000 jobs in June, below expectations but still a healthy pace of employment growth. The unemployment rate dipped to 3.6%.
A stronger-than-expected ADP jobs report on Thursday signaled the US economy is proving resilient in the face of the Fed’s efforts to combat inflation. Together, the data has helped reinforce bets that the Fed is set to raise rates again at its July meeting.
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