Stocks slip and bond yields jump following a hotter-than-expected jobs report

Stocks slipped and Treasury yields rose sharply Friday after the government released a jobs report whose headline numbers came in hotter than expected. Overall, the report suggests markets may have to wait even longer for interest rate cuts from the Federal Reserve. The Standard & Poor's 500 fell 5.97 points, or 0.1%, to 5,346.99. The listless finish capped off an otherwise strong week for the benchmark index that included a record high. It rose 1.3% for the week.

“To those who are worried about inflation, especially the Federal Reserve, the report should raise concerns that wage pressure and sticky inflation is more likely to persist than be transitory,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. A cooldown for the economy can drive inflation lower and prompt the Fed to deliver the cuts to interest rates that traders desire so much.

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