August Jobs Report Fuels Rate Hike Expectations

U.S. stock markets mostly fell on Friday as employers unexpectedly added 162,000 jobs in August, exceeding forecasts of 65,000.

The surprise increase in hiring could give the Federal Reserve room to raise its benchmark interest rate to combat inflation when central bank policymakers meet later this month.

The S&P 500 slipped 0.1% in morning trading, while the Dow Jones Industrial Average dropped 211 points, or 0.4%, as of 10:05 a.m. Eastern time.