The Nasdaq Composite fell nearly 1%, the S&P 500 0.4% while the Dow Jones Industrials finished little change.
|I:DJI||DOW JONES AVERAGES||36231.66||-4.81||-0.01%|
|I:COMP||NASDAQ COMPOSITE INDEX||14935.901709||-144.96||-0.96%|
For the week, the Nasdaq paced the drop with a 4.5% selloff, the S&P lost 1.8% and the Dow a lesser 0.3%.
Bonds continued to climb. The yield on the 10-year Treasury rose to nearly 1.8% a two-year high. Financial stocks rose as higher yields bode well for banks.
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||41.17||+0.48||+1.18%|
|JPM||JPMORGAN CHASE & CO.||167.16||+1.64||+0.99%|
|BAC||BANK OF AMERICA CORP.||49.18||+1.05||+2.18%|
In economic news, nonfarm payrollrose by 199,000 in December less than the 400,000 economists were expecting even as the unemployment rate dipped to 3.9%. “Leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing” added workers according to the Labor Department.
Oil briefly topped the $80 per barrel before settling at $78.90 per barrel putting oil producers on the radar.
|USO||UNITED STATES OIL FUND L.P.||56.67||-0.22||-0.39%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||21.96||-0.01||-0.05%|
|XOM||EXXON MOBIL CORP.||68.88||+0.56||+0.82%|
In stocks, shares of GameStop Corp jumped after a Wall Street Journal report said the retailer is launching a division to develop a marketplace for nonfungible tokens (NFTs) and establish cryptocurrency partnerships.
Big tech names including Apple, Amazon and Microsoft bounced between losses and gains during the session.
Separately, Apple CEO Tim Cook made nearly $100 million in compensation last year, per SEC filings.
Ford gave up early gains after announcing it would double the production of its F-150 Lightning on Tuesday.
|F||FORD MOTOR CO.||24.44||-0.02||-0.08%|
Shares of Papa Johns rose after announcing plans for an aggressive rollout in South China with plans to open 1,350 new stores by 2040.
|PZZA||PAPA JOHN’S INTERNATIONAL INC.||127.67||+1.75||+1.39%|
and in cryptocurrencies, Bitcoin continued its free-fall trading around the $41,000 level, a five-month low.
The move hit crypto-related exchange-traded funds and stocks.
|BITO||PROSHARES TRUST BITCOIN STRATEGY ETF||26.41||-0.87||-3.19%|
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||18.87||-0.28||-1.46%|
|COIN||COINBASE GLOBAL INC.||232.33||-1.67||-0.71%|
FOX Business’ Ken Martin and The Associated Press contributed to this report.