U.S. stocks dropped Friday after the latest employment report showed the U.S. labor market added jobs at a strong but slower clip in May.
The S&P 500 slipped 1% in morning trading, while the Dow Jones Industrial Average fell 156 points, or 0.5%, and the Nasdaq Composite declined 1.7%. All three indexes are on track for weekly declines.
In bond markets, the yield on the benchmark 10-year U.S. Treasury note ticked up to 2.973% from 2.914% Thursday. Yields and prices move inversely.
U.S. employers added 390,000 jobs last month, the slowest pace of growth since April of last year, while the unemployment rate remained 3.6%. Wages grew 5.2% on the year, down from 5.5% in April.
Economists surveyed by The Wall Street Journal expected employers added 328,000 jobs last month. And they saw the unemployment rate falling slightly to 3.5%,…
