Stocks slid Friday and fell for the week, as a slate of mixed jobs data raised concerns that the Federal Reserve will hike interest rates for longer than expected.
The Dow fell roughly 2% for the week, marking its biggest weekly decline since March. The S&P 500 declined 1.2% and the Nasdaq Composite slipped 0.9%.
Stocks saw most of their declines on Thursday, after payroll processor ADP's latest National Employment Report revealed that US private sector businesses added a significantly higher number of jobs than expected last month.
While the June jobs report showed a cooldown in hiring, average hourly earnings growth held steady and the unemployment rate edged down, indicating that the labor market still remains hot.
Traders remained firm in their expectations that the Fed will raise rates at its next meeting. The CME FedWatch Tool shows a roughly 92% chance that the central bank will hike rates by a quarter point.
The Fed's next meeting takes place July 25 - 26. Before then, the central bank will parse through the Consumer Price Index and Producer Price Index reports for June that are both due next week.
Meanwhile, Rivian shares jumped 14.2% after Wedbush raised its price target for the electric car maker to $30 from $25.
JetBlue Airways shares continued to gain, adding 3.1% on Friday after the company said Wednesday it is terminating its American Airlines partnership to prioritize its purchase of Spirit Airlines.
Bank stocks that were hammered on Thursday rallied. The SPDR S&P Regional Banking ETF rose about 2.4%. JPMorgan Chase shares added 0.8%.
The Dow fell 187 points, or 0.6%.
The S&P 500 slipped 0.3%.
The Nasdaq Composite slid 0.1%.
As stocks settle after the trading day, levels might change slightly.