US Stocks Under Pressure After NFP Report

The Dow lost 300 points on Friday, while the S&P 500 and Nasdaq 100 underperformed by falling 1.1% and 1.6%, respectively, as stronger-than-expected jobs data threw some cold water into expectations that the Federal Reserve will soon slow its tightening campaign.

The Labor Department's closely watched employment report showed that the US economy added 263,000 jobs last month while average hourly earnings unexpectedly increased.

This robust report was a blow for those expecting a policy pivot, given that Fed chair Jerome Powell signaled earlier this week that the central bank would keep its aggressive stance if there were no signs of a cooling job market.

On the corporate side, Marvell Technology tumbled more than 6% after the semiconductor company missed quarterly revenue and earnings estimates.

Conversely, UiPath skyrocketed 10% after posting results that surprised investors on the upside.