The S&P 500 Index ($SPX) (SPY) Friday closed down -0.11%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.22%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.11%.
Stock indexes Friday erased morning gains and settled slightly lower. Stocks were under pressure Friday after bond yields jumped on the stronger-than-expected US May payroll report, which has dialed back expectations for Fed interest rate cuts. May nonfarm payrolls rose more than expected, and May average hourly earnings unexpectedly accelerated, which are hawkish factors for Fed policy.
