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Wall Street’s main indexes opened lower on Friday after stronger-than-expected jobs data fueled expectations of another big rate hike by the Federal Reserve later this month.
The Dow Jones Industrial Average fell 36.12 points, or 0.12%, at the open to 31,348.43. The S&P 500 opened lower by 14.36 points, or 0.37%, at 3,888.26, while the Nasdaq Composite dropped 117.73 points, or 1.01%, to 11,503.61 at the opening bell.
The Labor Department’s report showed nonfarm payrolls rose by 372,000 jobs last month, much higher than the estimated rise of 268,000 jobs, according to a Reuters poll of economists.
The report also showed jobless rate remained near pre-pandemic lows at 3.6% and average hourly earnings rose 0.3%, as expected, after gaining 0.4% in May.
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