US Stocks Waver as Strong Jobs Report Stokes Rate Hike Fears

U.S. stocks wobbled Friday after a surprisingly strong jobs report led to increased expectations of an interest rate hike by the Federal Reserve.

The Labor Department reported that employers added 162,000 jobs in August, exceeding the forecasted 65,000 and adding 55,000 to June and July payrolls.

The unemployment rate remained steady at 4.1 percent, and the strong hiring numbers could give the Fed more leeway to raise interest rates to combat inflation.

The S&P 500 slipped 0.1 percent in morning trading, while the Dow Jones Industrial Average fell 211 points (0.4%) and the Nasdaq composite edged up 0.1%.

Nvidia rose 2.5%, Micron Technology gained 4.1%, and Sandisk climbed 6.1% as technology stocks helped limit declines in other sectors.