Markets Right Now: Stocks slip as hopes dim for a rate cut

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Major U.S. indexes are closing slightly lower and bond yields are higher after a surprisingly strong government jobs report raised doubts about whether the Federal Reserve will lower interest rates later this month.

The Labor Department reported Friday that employers added a 224,000 jobs last month, far more than expected.

Investors have anticipated that the Fed would cut rates when it meets later this month, but the strong jobs report appeared to make that less likely.

Technology stocks fell, but bank stocks rose.

The S&P 500 fell 5 points, or 0.2%, to 2,990.

The Dow Jones Industrial Average lost 43 points, or 0.2%, to 26,922. The Nasdaq fell 8 points, or 0.1%, to 8,161.

Bond prices fell sharply. The yield on the 10-year Treasury rose to 2.04%.

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11:45 a.m.

Stocks are falling and bond yields are rising after the government issued a surprisingly strong jobs report for June, complicating the Federal Reserve’s decision later this month on whether to lower interest rates.

The Labor Department reported Friday that U.S. employers added a robust 224,000 jobs last month, far more than expected.

Many investors have anticipated that the Fed would cut rates when it meets later this month, but with such a strong indicator on the economy that could be less likely.

The S&P 500 fell 18 points, or 0.6%, to 2,977.

The Dow Jones Industrial Average lost 124 points, or 0.5%, to 26,841. The Nasdaq fell 52 points, or 0.6%, to 8,117.

Bond prices fell sharply. The yield on the 10-year Treasury rose to 2.05%.

___

9:35 a.m.

Stocks are slipping and bond yields are rising after the government issued a surprisingly strong jobs report for June, complicating the Federal Reserve’s decision later this month on whether to lower interest rates.

The Labor Department reported early Friday that U.S. employers added a robust 224,000 jobs last month, far more than expected.

Many investors have anticipated that the Fed would cut rates when it meets later this month, but with such a strong indicator on the economy that could be less likely.

The S&P 500 fell 16 points, or 0.5%, to 2,979.

The Dow Jones Industrial Average lost 124 points, or 0.5%, to 26,841. The Nasdaq fell 44 points, or 0.6%, to 8,125.

Bond prices fell. The yield on the 10-year Treasury rose to 2.04%.

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