Stocks Mixed Amid Oil Surge and Strong Job Growth
Stocks finished the week mixed as oil prices climbed and hiring data came in stronger than forecast. The Dow Jones Industrial Average slipped 0.27% for the week to $53,414, while the S&P 500 edged up 0.09% to $7,718. Meanwhile, the CBOE Volatility Index rose 0.69% to 14.53.
The oil price surge led bond yields higher, with Japan's 10-year yield reaching 3% for the first time in three decades and the U.S. 10-year Treasury yield rising to its highest since January 2025 at 4.79%. However, dovish remarks from Federal Reserve Board member Christopher Waller on Wednesday added fuel to the rally.
The jobs report was a key event of the week, with the economy adding 162,000 jobs in August far exceeding forecasts of 56,000. Strong hiring signals healthy consumer spending but also ignites inflation fears and raises the odds that the Federal Reserve holds rates higher for longer.
Dell Technologies and Nvidia saw significant gains after reporting strong earnings, while Lululemon Athletica finished lower following disappointing second-quarter results.