The Nasdaq, S&P 500, and Dow All Fell Slightly Friday. The Jobs Report Wasn't Really Why.

Major U.S. stock indexes fell modestly on Friday despite a stronger-than-expected August jobs report showing 162,000 payroll additions versus consensus of 53,000. The strong jobs data raised Fed rate hike odds to 60% for the September meeting, causing short-term Treasury yields to spike. Apple weighed on the market due to production issues with foldable devices, while Tesla dropped 6% following disappointing early reviews of its Cybercab service. Micron Technology surged on plans to double AI memory chip production by 2027.