US stocks ended another bumpy week with more losses on Friday as investors considered the downside of the still-strong US jobs market. The S&P 500 marked its eighth losing week in the last nine. Losses in big technology companies helped pull the Nasdaq down.

A report showing stronger hiring last month than expected is good news for the economy amid worries about a possible recession. But many investors saw it keeping the Federal Reserve on its path to hiking interest rates aggressively.

The last two weeks, or so, the US markets, especially were pricing in a recession, and have priced out Fed rate hikes. At the start of the year, the focus was all inflation. Then the Fed started to sound hawkish and markets started to fear the growth will actually slow down. The focus then shifted to growth, slowdown and recession.

On Friday:

The S&P 500 fell 68.28 points, or 1.6 percent, to 4,108.54.

The Dow Jones Industrial Average fell 348.58 points, or 1 percent, to 32,899.70.

The Nasdaq fell 304.16 points, or 2.5 percent, to 12,012.73.

The Russell 2000 index of smaller companies fell 14.62 points, or 0.8 percent, to 1,883.05.

Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.

The dollar index was at 102.1 after gaining 0.47 percent last week after good jobs and manufacturing data.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

-With agency inputs

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First Published:Jun 6, 2022 9:01 AM IST