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The benchmark S&P 500 (.SPX) was solidly higher for most of the afternoon, but stocks sold off toward the end of the session. "The jobs report today I think is consistent with what the Fed would like to see," said Josh Jamner, investment strategy analyst at ClearBridge Investments. Among S&P 500 sectors, defensive groups fell the most, with consumer staples (.SPLRCS) down 1.3%. For the week, the S&P 500 fell about 1.2%, the Dow slid roughly 2% and the Nasdaq dropped 0.9%. The S&P 500 posted 11 new 52-week highs and five new lows; the Nasdaq Composite recorded 45 new highs and 63 new lows.

Persons: Levi Strauss, Quincy Krosby, stoked, Josh Jamner, Brendan McDermid, Russell, Dow, Austan Goolsbee, Alibaba, decliners, Lewis Krauskopf, Sinead Carew, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Ganguli, Richard Chang Organizations: Dow, Nasdaq, LPL, Reserve, ClearBridge Investments, Dow Jones, Energy, New York Stock Exchange, REUTERS, Chicago Fed, Rivian Automotive, Ant Group, NYSE, Thomson Locations: U.S, New York City, New York, Bengaluru

The U.S. added the fewest jobs in 2-1/2 years in June, although persistently strong wage growth pointed to still-tight labor market conditions, U.S. government data showed. "The jobs report today I think is consistent with what the Fed would like to see," said Josh Jamner, investment strategy analyst at ClearBridge Investments. According to preliminary data, the S&P 500 (.SPX) lost 12.42 points, or 0.28%, to end at 4,399.17 points, while the Nasdaq Composite (.IXIC) lost 18.33 points, or 0.13%, to 13,660.72. Energy (.SPNY) and materials (.SPLRCM) were among the biggest-gaining S&P 500 sectors, while defensive groups including consumer staples (.SPLRCS) lagged. Friday's jobs report kicks off a busy month of data including reports on inflation and corporate earnings ahead of the Fed meeting at the end of July.

Persons: Levi Strauss, payrolls, Josh Jamner, Austan Goolsbee, Carol Schleif, Alibaba, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Ganguli, Richard Chang Organizations: Reserve, ClearBridge Investments, Nasdaq, Dow Jones, Energy, Chicago Fed, BMO Family, Rivian Automotive, Ant Group, Thomson Locations: U.S, New York, Bengaluru

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained solid despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. All 11 S&P 500 sectors ended down. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch. Second-quarter corporate reports will arrive in coming weeks with S&P 500 earnings expected to fall 5.7% from a year-ago, according to Refinitiv data.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Dow, Nasdaq, Reserve, Commonwealth Financial Network, Dow Jones, Microsoft, Apple, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: U.S, New York, Bengaluru

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained on solid ground despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. Treasury yields jumped following the labor market data. The benchmark 10-year yield burst above 4% while the two-year Treasury yield, which typically moves in step with interest rate expectations, hit a 16-year high. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Reserve, Commonwealth Financial Network, Nasdaq, Dow Jones, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, Thomson Locations: U.S, New York, Bengaluru

Key economic data is due before the meeting, including the monthly U.S. jobs report on Friday. “The markets are in a wait-and-see for the economic data,” said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management. Materials (.SPLRCM) fell most among S&P 500 sectors, shedding 2.5%. Chip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions between Beijing and Washington rise over access to high-tech microchips. The S&P 500 posted 18 new 52-week highs and one new low; the Nasdaq Composite recorded 55 new highs and 65 new lows.

Persons: ”, Paul Nolte, “, Jack Ablin, Lewis Krauskopf, Sinead Carew, Bansari Mayur Kamdar, Johann M, Marguerita Choy, Vinay Dwivedi Organizations: Fed, Dow, Nasdaq, U.S, U.S . Federal, Murphy, Sylvest Wealth Management, “, Dow Jones, Semiconductor, Intel, Texas, Twitter, Meta, Cresset, United Parcel Service, Teamsters Union, UPS, NYSE, Thomson Locations: U.S ., China, Beijing, Washington, Philadelphia, New York, Bengaluru

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