US benchmark equity indexes were mixed intraday as traders assessed the latest jobs report.
The Nasdaq Composite was down 1.4% at 25,687.5 after midday Thursday, while the S&P 500 fell 0.6% to 7,439.8. The Dow Jones Industrial Average rose 0.4% to 52,529.7. Among sectors, technology saw the steepest decline, while healthcare paced the gainers.
Cisco Systems (CSCO) shares were down 4.2%, the worst performer on the Dow, while Nvidia (NVDA) was among the steepest decliners on the index.
US markets will be closed Friday in observance of the Independence Day holiday, which falls on a Saturday this year.
The US economy added 57,000 nonfarm jobs in June, representing the weakest tally since February, official data showed Thursday. The consensus was for an 113,000 increase in a Bloomberg-compiled survey. Economists said downward revisions to payrolls growth in the previous two months has clouded a recent revival in the labor market.
The unemployment rate ticked down to 4.2% from 4.3%, which was Wall Street's projection.
The latest jobs report is unlikely to force the Federal Reserve to make a change in monetary policy immediately, as the pace of growth is "plenty strong enough to maintain a steady unemployment rate," Jefferies said in a note.
On Wednesday, new Fed Chair Kevin Warsh suggested the central bank may be headed for another policy pause as inflation risks have eased.
US Treasury yields were mixed intraday Thursday, with the two-year yield down four basis points at 4.14% and the 10-year yield little changed at 4.49%.
In company news, Tesla (TSLA) shares slumped 8.3% even as the company's second-quarter deliveries beat the Street's expectations. The electric vehicle maker didn't provide any updates on key topics, including progress in its artificial intelligence projects, Truist Securities said in a note.
Apple (AAPL) shares rose 4.6%, the best performer on the Dow. The tech giant plans to launch five new iPhone models to gain market share despite a memory shortage that is driving up prices for consumers, Nikkei Asia reported, citing unnamed sources.
West Texas Intermediate crude oil was down 0.4% at $68.28 a barrel intraday, while Brent fell 0.3% to $71.36.
"Brent extended its slide towards $70 and pre-war levels as flows through the Strait of Hormuz continued to recover, while signs of progress in indirect US-Iran talks further eased supply concerns," Saxo Bank said in a report.
Gold was up 1.1% at $4,127.50 per troy ounce, while silver gained 1% to $61.16 per ounce.
