U.S. stocks opened lower Friday after a stronger-than-expected jobs report, as investors weigh how aggressive the Federal Reserve may need to be raising rates to cool the economy as it battles high inflation. The Dow Jones Industrial Average (DOW:DJIA) was trading 0.7% lower soon after the opening bell, while the S&P 500 (S&P:SPX) fell 1% and the technology-laden Nasdaq Composite (NASDAQ:COMP) dropped 1.4%, according to FactSet data, at last check. A report Friday from the U.S. Bureau of Labor Statistics showed the economy added 528,000 jobs in July, about twice the number forecast by economists polled by the Wall Street Journal. The unemployment rate fell to 3.5% in July, matching the lowest rate in a half century.
Aug. 5, 2022, 9:32 a.m. EDT