- US stocks fell for the third week in a row after jobless claims failed to change investors' minds about the Federal Reserve's next policy move.

- As the Fed's hawkish chorus grew louder in recent days, the S&P 500 endured its longest weekly losing streak since mid-June. The index also finished lower on Friday, erasing gains made earlier in the session after the jobs report showed signs of easing in a still-tight American labour market. A delay in the opening of a key gas pipeline to Europe harmed sentiment in the afternoon, just before the start of a three-day weekend for US markets.

- On Friday, treasuries rallied, led by short maturities. After peaking at 3.5% earlier in the week, the policy-sensitive two-year yield ended the week nearly where it began.

- The Friday labor-market data add to a slew of reports this week that back up the Fed's claim that the economy is strong enough to withstand further tightening. Risk assets have been under pressure since Fed Chair Jerome Powell stated that the central bank will continue to raise interest rates and keep them high until price gains slow. Despite the reassuring report, markets are still pricing in a three-quarters-point increase in interest rates this month.

- Meanwhile, Russia's Gazprom PJSC announced that its key gas pipeline to Europe will not reopen on Saturday as planned due to a new technical issue. The announcement brings the region one step closer to blackouts, rationing, and a severe recession.