- US equity benchmarks were lower on Friday as the blowout January jobs report lifted bond yields.
- The US economy added 467,000 jobs, well above a median forecast for payrolls to swell by 150,000.
US stocks fell Friday after a big beat in the January jobs report for the world's largest economy suggested the Federal Reserve will stay on course with multiple interest rate increases this year.
The Labor Department said the US economy added 467,000 jobs last month, a figure that towered above the median forecast for 150,000 from economists surveyed by Bloomberg. The 10-year Treasury yield rose 5 basis points to 1.899%.
The Nasdaq fell, reversing premarket gains that were buoyed by strong earnings reports from Amazon and Snapchat parent Snap.
Here's where US indexes stood at 9:30 a.m. on Friday:
- S&P 500: 4,472.86, up 0.10%
- Dow Jones Industrial Average: 35,090.13, down 0.06% (23.01 points)
- Nasdaq Composite: 13,865.06, down 0.10%
"What an astounding and a blowout number we have seen," for the jobs report, said Naeem Aslam, chief market analyst at AvaTrade, in a note Friday. "We have seen a downward move in the equity markets and that is because traders are thinking that the Fed may become a little more aggressive with their monetary policy."
Projections from investment banks include Bank of America's call that the Fed will raise interest rates seven times in 2022 and Goldman Sachs' projection of five hikes this year.
Around markets, Warren Buffett is now richer than Mark Zuckerberg after shares of Meta lost almost $240 billion in Thursday's slide.
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Oil prices remained higher after the jobs report. West Texas Intermediate crude gained 2.1% to $92.15 per barrel. Brent crude, the international benchmark, picked up 1.9% to $92.84.
Gold fell 0.2% to $1,800 per ounce. Bitcoin rose 0.9% to $37,406.41.
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