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Stocks turned lower on Friday, despite all three major indexes hitting record highs earlier in the session. The Dow fell triple digits for its fourth daily loss in the last five, securing its second-straight negative week, while the S&P 500 and Nasdaq closed more modestly in the red, both managing weekly gains.
In the most recent evidence of a softening labor market, this morning's weak nonfarm payrolls data weighed on the major benchmarks, despite the results further supporting September rate cut expectations. Looking ahead, inflation data will be in spotlight next week.
Continue reading for more on today's market, including:
Oil prices fell amid continued supply concerns ahead of the Organization of the Petroleum Exporting Countries and allies' (OPEC+) output meeting on Sunday. October-dated West Texas Intermediate (WTI) crude fell $1.61, or 2.5%, to $61.87 per barrel on the day, and dropped roughly 3% for the week.
Weak jobs data pushed bullion higher today. U.S. gold futures rose 1.3% to $3,653.30 on Friday, marking a strong weekly gain of 1.7% after notching record highs earlier.
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