Stock market today: Stocks erase gains, head for big weekly losses after jobs report

US stocks erased earlier gains on Friday as investors digested a crucial jobs report that provided clues to the size of this month's expected interest rate cut and the resilience of the US economy. Tech stocks led the morning's declines, with the Nasdaq Composite down nearly 2% in early trading. The S&P 500 and Dow Jones Industrial Average dropped around 1% and 0.5%, respectively. The US economy added 142,000 jobs in August, which trailed expectations for about 165,000 jobs added.

The report shifted expectations for the Fed to enact a more sizable rate cut at its meeting in less than two weeks. According to the CME FedWatch tool, traders see a 50-50 chance of a 50 basis point cut, which was up significantly from Thursday. Despite anemic closes, stocks have whipsawed this week as the market assessed incoming economic data to set expectations on the size of the Fed's rate cut. All three indexes are set for significant weekly declines.

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