Stocks fluctuated between gains and losses on Friday as investors digested a strong-than-expected jobs report that will likely keep the Federal Reserve on course for more aggressive rate hikes. By market close, only the Nasdaq Composite remained in positive territory, rising 0.1%, while the Dow Jones Industrial Average and S&P 500 Index slipped slightly lower.

Despite Friday's modest losses, all three market benchmarks ended the week higher as Wall Street looked to recover from a negative first half of the year. However, many market participants are trading with negative outlooks towards the health of the U.S. economy.

The U.S. economy added 372,000 jobs in June, according to fresh economic data published Friday, while the unemployment rate remained at 3.6%. Economists polled by Bloomberg expected payrolls to total only 268,000 last month due to higher inflationary pressures.

Investors predict that Friday's strong jobs reports will led the central bank to issue another 75-basis point interest rate hike later this month to help cool rising inflation.

The Fed has been focused on the tight labor market when issuing new monetary policy decisions, as the imbalance between job openings and available workers has put increased pressure on wages and business costs. Minutes from the Fed's meeting in June showed officials acknowledged that job vacancies remained at historically high levels while wage growth remained elevated.

"While labor markets were anticipated to remain tight in the near term, participantes expected labor demand and supply to come into better balance over time, helping to ease upward pressure on wages and prices," the minutes published Wednesday read. "As in the case of product markets, they anticipated that an appropriate firming of monetary policy would play a central role in helping address imbalances in the labor market."

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

S&P 500 Index (SPY  ): -0.08% or -3.24 points to 3,899.38

Dow Jones Industrial Average (DIA  ): -0.15% or -46.40 points to 31,338.15

Nasdaq Composite Index (QQQ  ): +0.12% or +13.96 points to 11,635.31

GameStop to reverse hiring spree, CFO departs:

GameStop (GME  ) announced late Thursday that the retailer has fired its Chief Financial Officer Mike Recupero and plans to make staff cuts across departments, according to multiple reports.

In a letter to employees, CEO Matt Furlong said the company is focused on "eliminating excess costs and operating with an intense owner's mentality."

"Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results," Furlong added.

Recupero, who served as CFO since June 2021, will be replaced by current Chief Accounting Officer Diana Jejeh. He was reportedly pushed out by GameStop Chair Ryan Cohen, a person familiar with the matter told CNBC.

GameStop has hired more than 600 corporate employees since the start of 2021, according to the memo.