Stocks fell lower Friday, as market participants sold off some of the profits made from Wall Street's recent upswing. The Dow Jones Industrial Average fell more than 150 points, while the S&P 500 Index and Nasdaq Composite lost 0.5% and 0.4%, respectively.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -0.53% or -23.86 points to 4,478.03

Dow Jones Industrial Average (DIA  ): -0.43% or -150.27 points to 35,065.62

Nasdaq Composite Index (QQQ  ): -0.36% or -50.48 points to 13,909.24

All three major averages lost gains from earlier in the session and ultimately finished the week with losses. The Dow slipped more than 1% for the week, while the S&P 500 and Nasdaq fell about 3% and 2%, respectively.

In the spotlight on Friday, investors reacted to a cooler-than-expected monthly jobs report for July, with data from the Labor Department showing an addition of 187,000 jobs last month compared to the 200,000 expected by analysts. The unemployment rate also slightly declined to 3.5% from June's reading of 3.6%.

Beneath the headline, average hourly wages rose higher by a more-than-expected 0.4% on a monthly basis and 4.4% year-over-year, signaling more inflation that could impact the Federal Reserve's next policy decision in September. Still, about 88% of market participants are expecting the Fed will hold interest rates in its next decision, according to the CME Group's FedWatch tool.

Friday also capped off a busy week for the second-quarter earnings season. Amazon (AMZN  ) shares rose over 8% after the e-commerce giant posted strong earnings -- its biggest earnings beat since the fourth quarter of 2020 -- and issued better-than-expected forward guidance. For the third-quarter, Amazon expects sales of between $138 billion and $143 billion, representing growth of between 9% and 13%.

Apple (AAPL  ), on the other hand, lost nearly 5% on Friday after the tech giant reported lower year-over-year revenue, but still posted earnings and sales that topped expectations. The company also did not issue formal guidance, which it has done since 2020 due to market uncertainty. Instead, CFO Luca Maestri told investors that results for the current quarter are expected to be similar to its fiscal third-quarter report.

"We expect our September quarter year-over-year revenue performance to be similar to the June quarter assuming that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter," Maestri told investors on an earnings call. "We expect iPhone and services year-over-year performance to accelerate from the June quarter. Also, we expect the revenue for both Mac and iPad to decline by double digits year over year due to difficult compares, particularly on the Mac."

For next week, market participants will be looking ahead to July's CPI data out Thursday as well as Friday's report on last month's producer prices for more signs of cooling inflation that will offer more clues on the central bank's next moves.