U.S. Markets open in 1 hr 32 mins

Stocks finish slightly lower after strong jobs report, pull back from records

Sunny Oh

Stocks finished slightly lower on Friday, backing away from all-time highs hit earlier this week, after a better-than-expected employment report in June partially rolled back investors' expectations for multiple rate cuts this year. The S&P 500 was down 0.2% to finish around 2,991. The Dow Jones Industrial Average shed 41 points, or 0.2%, to end near 26,925. The Nasdaq Composite was down 0.1% to end around 8,162. For the week, Dow was up 1.2%, S&P was up 1.7%, and Nasdaq up 1.9%. The S&P snapped a five-day winning streak, and the Dow ended its four straight session of gains. The U.S. economy added 224,000 jobs in June, above the 170,000 expected by analysts. Semiconductor stocks were on the backfoot on Friday after South Korean chip maker Samsung Electronics Co. Ltd. reported a 56% drop in its second-quarter profits.