Stocks fell Friday as Treasury yields jumped following the release of stronger-than-expected U.S. jobs data.
The Dow Jones Industrials crumbled 242.27 points to begin the week's last session at 32,877.10.
The S&P 500 index fell 34.41 points to 4,223.78.
The NASDAQ index flopped 98.92 points to 13,123.92.
All the major averages are headed toward a losing week. The S&P 500 is down 1.4%, week to date. This is the broad market index's fifth consecutive week of losses, which would be its longest weekly slide since May 2022. The Dow is down 1.7%, while the NASDAQ is 0.9% lower for the week.
Several large-cap tech shares fell as yields climbed higher. Nvidia and Meta Platforms fell slightly. The utilities sector, which is sensitive to high rates, fell 2.5%. AES lost 5%, while Dominion Energy and Sempra shed 2% each.
The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.
Prices for the 10-year Treasury were slightly higher, lowering yields to 4.72% from Thursday's 4.72%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.82 to $82.40 U.S. a barrel.
Gold prices climbed $4.80 to $1,836.50.