DJIA: 32,899.37, down 98.60
S&P 500: 4,123.34, down 23.53
Nasdaq: 12,144.66, down 173.03

S&P 500 falls to a fresh 2022 low

U.S. stocks pushed lower on Friday during another volatile session as investors assessed the implications of the monthly jobs report. The Dow lost 98 points after weathering its worst day since October 2020 on Thursday. The blue-chip stock index slipped 0.2% for the week, notching its first six week losing streak since May 2019. The S&P 500 slid 0.6% to cap a 0.2% decline for the week, with the index falling to a fresh 2022 low. The Nasdaq Composite shed 1.4%, extending its five-day loss to 1.5%. Both benchmarks retreated for a fifth straight week, which was the S&P 500’s longest such losing streak since June 2011.

Treasuries weakened following hawkish commentary from Federal Reserve (Fed) officials. Richmond Fed President Thomas Barkin failed to rule out a larger 0.75% rate hike, explaining that all options should remain on the table. The yield on the 10-year note jumped 0.10% to 3.13%, its highest level since November 2018.

On the data front, the U.S. economy added a better-than-expected 428,000 nonfarm payrolls in April, reflecting a strong labor market as it was the 12th consecutive monthly gain of more than 400,000. The unemployment rate held steady at 3.6%, while wage inflation climbed 0.3% in April, easing from the prior 0.5% uptick. However, labor participation unexpectedly slipped to 62.2%, still 1.2% below its pre-pandemic level.

Nine of 11 S&P 500 sectors finished in negative territory. Energy bucked the downtrend as West Texas Intermediate crude settled above $110/barrel for the first time since March. In earnings, Under Armour Inc. plummeted 25% after posting an unexpected loss for the quarter.

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