US stocks dipped on Friday, as the S&P 500 snapped a three-day streak of record closes, following an unexpectedly strong US payrolls report that led investors to reassess how dovish a stance the Federal Reserve may take at its next meeting.
The US Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five months, and solidly beating economists’ expectation of 160,000 additions.
Traders sharply scaled back their expectations of a rate cut of half a percentage point by the central bank at its next policy meeting on July 30-31, although confidence remained high the Fed would cut rates by 25 basis points.
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