US: Stocks Close Lower After Strong Jobs Report.

US stock indices closed mostly lower on Friday after stronger-than-expected labor market data gave the Fed more room to raise interest rates. The S&P 500 lost 0.4%, the Dow shed 272 points, while the Nasdaq added 0.2%. Nonfarm payrolls increased by 162,000 from the previous month, above expectations for a gain of just over 50,000 jobs, in line with statements from FOMC members that the labor market is at full employment. Credit-sensitive sectors pulled back after the data as yields rebounded. Alphabet shed 1.1%, Microsoft lost 2%, Tesla tumbled 5.9%, and Palantir shed 4.5%, while JPMorgan retreated 0.9% and Visa fell 1%. Still, chipmakers rose after underperforming earlier in the week, helping to support the Nasdaq. Nvidia gained 0.8%, Micron rose 6.1%, Intel added 4.5%, and Marvell advanced 7% amid signs of optimism surrounding OpenAI’s new GPT model. Sandisk soared 11.9%, and AMD added 4.7%.