A stronger-than-expected August jobs report spooked investors Friday who were hoping for steady rates in September, with another inflation report looming for the market. Meanwhile, Nvidia (NVDA) headed higher in a buy zone while Oracle (ORCL) got a lift from recent OpenAI buzz on the stock market today.
The Dow Jones Industrial Average dropped 0.5% in early afternoon trading Friday while the S&P 500 fell 0.4%. The tech-heavy Nasdaq composite also headed 0.4% lower. The small-cap Russell 2000 edged 0.1% higher. The stock market is closed on Monday for Labor Day.
A surprise gain in jobs pushed the odds of a rate hike in September up to 60% from 49% as of Thursday, according to CME Group. The Labor Department said nonfarm payrolls jumped by 162,000 in August, much larger than the 53,000 forecast from economists.
August's consumer price index data is scheduled for Sept. 11, just ahead of the Federal Reserve meeting on Sept. 15. Economists expect the price of goods rose 0.1% from July and 3.4% annually. Taking out volatile food and energy prices, the index is seen rising 0.2% for the month and 2.5% for the year.
West Texas Intermediate crude futures fell near $90.85 a barrel. The 10-year Treasury yield was flat near 4.77%. Also, bitcoin dropped to roughly $79,600.

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