Stocks opened moderately lower Friday after a stronger-than-expected June jobs report dampened somewhat expectations for a rate cut by the Federal Reserve.
The Dow Jones Industrial Average fell 100.52 points, or 0.4%, to 26,865.48, while the S&P 500 was off 12.98 points, or 0.4%, to 2,982.84. The Nasdaq Composite declined 41.81 points, or 0.5%, to 8,128.42.
The U.S. economy added 224,000 new jobs in June, easily topping the consensus forecast for a rise of 170,000. The unemployment rate edged up to 3.7% in June from 3.6% as more than 300,000 people entered the labor force. Stocks remain on track for strong weekly gains, with the S&P 500 and Dow both pulling back from record closes seen on Wednesday. U.S. markets were closed Thursday for the Independence Day holiday.