Stocks fell as Apple fell below the $3 trillion mark and other megacaps such as Tesla and Meta Platforms fell. Amazon jumped following its results. Treasuries rose, reversing some of this week's losses following mixed employment data.

The S&P 500 surrendered a 1% gain earlier in the day. Apple fell nearly 5% after its forecast raised concerns about sluggish demand. Amazon gained about 8% on the back of a positive revenue forecast. Treasury 10-year yields fell from their peak in November. The dollar fell against all of its developed-market counterparts.

The jobs report had something for every bull and bear: payroll growth of 187,000 was lower than expected, wages outpaced forecasts, and unemployment fell. With 47 days until the next Federal Reserve decision - and so many other economic reports in between - the one thing that hasn't changed is the sense that the Fed is nearing the end of its hiking cycle.

Swap traders expect another quarter-point rate increase by the end of the year, with contracts pricing in about 10 basis points of tightening. They anticipate rate cuts totaling more than 125 basis points by the end of 2024.