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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Stock market today: Stocks secure best week of the year, reversing early August sell-offStocks traded on both sides of the flat line on Friday after a strong week of gains had US stocks on pace for their best week of the year.
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Stock market today: Stock futures little changed after markets claw back August lossesStock futures were little changed ahead of Friday's opening bell with US stocks on pace for their best week of the year.
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Stock market today: S&P 500, Nasdaq notch longest win streaks of 2024 as August turnaround continuesInvestors are counting down to a speech by Jerome Powell at Jackson Hole that could reset rate-cut expectations.
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