U.S. stocks fell Friday after an unexpected gain of 162,000 jobs last month raised expectations that the Federal Reserve could lift rates later this month. The S&P 500, Dow and Nasdaq all moved lower, while Treasury yields mostly rose. Markets were also pressured by weak Lululemon results and elevated oil prices tied to the U.S. war with Iran.
Traders work on the floor of the New York Stock Exchange during afternoon trading, Thursday. Getty Images via AFP-Yonhap
U.S. stocks fell and Treasury bond yields mostly rose Friday after the government reported that employers unexpectedly added 162,000 jobs last month.
The surprise increase in hiring could give the Federal Reserve leeway to raise its benchmark short-term interest rate to fight inflation when central bank policymakers meet later this month.
The S&P 500 fell 0.5 percent in morning trading. The Dow Jones Industrial Average was down 378 points, or 0.7 percent, as of 11:08 a.m. Eastern time. The Nasdaq composite fell 0.4 percent.
