Wall Street's main indexes edged lower on Friday after data showed the economy added jobs at a rapid pace last month, feeding into fears that the Federal Reserve could keep interest rates higher for longer in its fight against inflation.
nonfarm payrolls report showed 517,000 job additions in January, almost three times expectations of 185,000 additions. The unemployment rate ticked down 3.4% in January to hit a more than 53-1/2-year low.
"Whenever we see these big numbers, the fear of the Fed comes back with a vengeance because people are probably afraid that the Fed is going to push things even further than what they have, running the risk of not soft landing, but more of a car crash," said Brian Jacobsen, senior investment strategist for Allspring Global Investments.
Money markets expect the U.S. central bank to hike rates two more times before stopping, after the Fed raised its target rate by 25 basis points on Wednesday.
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