WASHINGTON (dpa-AFX) - After moving sharply lower over the course of the previous session, stocks have shown a lack of direction during trading on Friday. The major averages have spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are posting modest losses. The Nasdaq is down 77.25 points or 0.4 percent at 17,992.00, the S&P 500 is down 23.25 points or 0.4 percent at 5,715.27 and the Dow is down 77.92 points or 0.2 percent at 42,501.16.
The choppy trading on Wall Street comes following the release of a closely watched Labor Department report showing employment in the U.S. increased by slightly less than expected in the month of February.
The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January.
Economists had expected employment to grow by 160,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.
The report also said the unemployment crept up to 4.1 percent in February from 4.1 percent in January, while economists had expected the unemployment rate to remain unchanged.
While the report could add to recent concerns about the strength for the economy, the data may also generate optimism about the outlook for interest rates.
Later in the day, Federal Reserve Chair Jerome Powell is due to deliver remarks on the economic outlook that could further impact the outlook for rates.
'The Fed is in a pickle. On the one hand, slower job growth and rising unemployment are arguments for a rate cut,' said Bill Adams, Chief Economist for Comerica Bank. 'On the other hand, inflationary policies like tariffs and immigration restrictions are arguments against a cut.'
'Most likely the Fed will sit on their hands for a bit, just like private hiring managers seem to be doing,' he added. 'Comerica forecasts for the next change in the Fed's policy rate to be a quarter percentage point cut in July.'
Sector News
Despite the lackluster performance by the broader markets, airline stocks have come under pressure over the course of the session, dragging the NYSE Arca Airline Index down by 2.1 percent to its lowest intraday level in almost five months.
Considerable weakness has also emerged among retail stocks, as reflected by the 2.1 percent slump by the Dow Jones U.S. Retail Index. The index has tumbled to a four-month intraday low.
Financial stocks are also seeing significant weakness, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index falling by 1.8 percent and 1.3 percent, respectively.
Software, computer hardware and steel stocks have also moved to the downside, while oil producer and utilities stocks are seeing notable strength.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index dove by 2.2 percent, while Hong Kong's Hang Seng Index slid by 0.6 percent.
Most European stocks have also moved to the downside on the day. The German DAX Index is down by 1.6 percent and the French CAC 40 Index is down by 1.1 percent, although the U.K.'s FTSE 100 Index is nearly unchanged.
In the bond market, treasuries are regaining ground following the release of the monthly jobs report. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.6 basis points at 4.246 percent.
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