U.S. stocks slid Friday to close the week lower as investors digested a stronger-than-expected jobs report and its implication for monetary policy going forward.
The Dow Jones Industrials thundered lower 348.71 points, or 1.1%, to 32,899.57.
The S&P 500 fell 68.29 points, or 1.6%, to 4,108.53.
The NASDAQ Composite slumped 304.16 points, or 2.5%, to 12.012.73.
All three indexes finished negative on the holiday-shortened week. The S&P 500 fell 1.2% this week, while the Dow and the NASDAQ each lost nearly 1%.
Technology shares retreated Friday amid the rising rates. Micron Technology fell 7.2%, and Nvidia lost 4.5%. Mega-cap tech names Google-parent Alphabet and Meta Platforms lost 2.6% and 4.1%, respectively.
Apple pulled back 3.9% after a cautious research note from Morgan Stanley. The firm said slowing App Store growth could hurt the company in the near-term.
Tesla shares fell 9.2% after Reuters reported, citing an internal email, that CEO Elon Musk wants to cut 10% of jobs at the car maker.
According to Reuters' report, Musk also said in the email that he has a “super bad” feeling about the economy.
JPMorgan Chase CEO Jamie Dimon on Wednesday said he expects an economic “hurricane” ahead amid the war in Ukraine and the Fed's tightening regime. On Thursday, Microsoft cut its earnings and revenue guidance for the fiscal fourth quarter, citing unfavorable foreign exchange rates.
Hiring in the U.S. remained elevated in May. Non-farm payrolls added 390,000 jobs last month, the U.S. Bureau of Labor Statistics reported Friday. Economists expected 328,000 jobs added, according to Dow Jones.
Treasury prices sagged, raising yields to 2.95% from Thursday's 2.91%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.53 to $120.40 U.S. a barrel.
Gold prices lost $17.70 to $1,853.70 U.S. an ounce.