Indexes end down after strong jobs data

All three major US stock indexes closed lower on Friday after the US monthly jobs report suggested that any interest rate cuts from the Federal Reserve may come later rather than some investors has been expecting.

Stocks, however, rose for the week, with Nasdaq gaining more than 2%.

Traders reduced bets for a rate cut in September following the data, which showed stronger-than-expected job gains for last month.

“The Fed may see these (jobs) numbers as an obstacle for cutting rates in September,” said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina.

Utilities were down the most of the major S&P 500 sectors.