Stocks wobbled Friday afternoon as investors digested more strong labor market data that will play into expectations for interest-rate cuts.
The Dow Jones Industrial Average (^DJI) slipped below the flatline during the afternoon session. The benchmark S&P 500 (^GSPC) climbed 0.1% while the tech-heavy Nasdaq Composite (^IXIC) advanced about 0.2%.
The major indexes traveled both ways throughout the day after the release of the December US jobs report, which showed the US economy added 216,000 jobs in December, higher than the 175,000 expected by economists. The unemployment rate was unchanged at 3.7%.
Separate data from Institute for Supply Management (ISM) showed services activity slowed in December. Its services PMI for the month came in at 50.6, down from November’s reading of 52.7. While a reading above 50 indicates expansion, the December figure marked the lowest level for services activity since May.
Stocks have slumped in the first week of 2024 in a marked reversal of a roaring rally powered by high hopes the Federal Reserve will soon start easing monetary policy. But doubts have set in about whether policymakers are prepared to pivot.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Against that backdrop, US bond yields continued to rise, with the 10-year Treasury yield (^TNX) up about 6 basis points to 4.05% after surging Thursday.
Elsewhere, iPhone supplier Foxconn (2354.TW) said it expects revenue to drop in the first quarter amid slower market demand. Apple (AAPL) shares slipped in afternoon trading, adding to losses after two analysts downgraded the iPhone maker on concerns about sales of its next smartphone.
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