Stocks settled mixed Friday as market participants weighed the latest U.S. jobs report ahead of an extended holiday weekend. The Dow Jones Industrial Average climbed more than 100 points, while the S&P 500 Index ticked 0.2% higher and the Nasdaq Composite slipped below a negative flatline.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Despite August's overall losses, all three market benchmarks notched a winning week on Friday. The Nasdaq rose more than 3% and the Dow added 1.4% -- both posting their best weeks since July -- while the S&P gained 2.5% in its best week since June.
In the spotlight, the U.S. added a seasonally adjusted 187,000 non-farm payrolls in August, according to the U.S. Bureau of Labor Statistics report on Friday, topping expectations. Beneath the headline, the unemployment rate rose sharply higher at 3.8%, its highest since February 2022, while the labor force participation rate rose to 62.8%, its highest level since February 2020. Average hourly earnings rose 0.2% for the month and 4.3% annually, both coming in below expectations.
Market pariticpants took the latest jobs report as another sign inflation and the economy is slowing in the face of the Federal Reserve's high benchmark interest rates. Following the release, the CME Group's FedWatch tool showed investors are seeing a 93% chance that the Fed will hold rates at current levels at its upcoming policy meeting later this month.
On the earnings front, Dell Technologies
Broadcom
Lululemon Athletica
Several Wall Street firms including JPMorgan, Oppenheimer, and Evercore ISI downgrades Dollar General
"Topline and margin pressure are greater than we anticipated and we believe investors will need to be patient. Moreover, Dollar General's ongoing traffic and market share loss amidst what we anticipate will be a softening consumer backdrop, disinflation, and student loan impact suggest further comp degradation is likely," Evercore ISI analyst Michael Montani wrote in a note Friday.
The stock market will be closed on Monday, September 4, in observance of the U.S. Labor Day holiday. Markets will open at normal trading hours on Tuesday, September 5.