Stocks resumed their trend of weekly losses after strong hiring data cleared the way for the federal reserve to remain aggressive in its fight against inflation. treasuries fell and the dollar strengthened against peers.

The S&P 500 index fell 1.6% in afternoon trading, putting it in negative territory for the seventh time in nine weeks. Tesla inc. also drove down tech stocks on Friday, following rumours that the company wants to cut its paid personnel. Meanwhile, oil stocks rose as crude prices rose to $120 per barrel in New York.

Stocks fell dramatically on Friday as May hiring data above expectations, indicating that the job market is still strong enough for the Fed to hike rates quickly as it fights price inflation. The US Federal Reserve is likely to hike rates by 50 basis points in its subsequent two sessions. After the jobs data, market-derived probabilities for the third hike of that level in September remained near 85%. The price of gold has dropped.

As fears increase that a restrictive Fed may send the world's largest economy into recession, investors remain focused on economic data and how it will influence the pace of monetary tightening in the United States. The solid jobs data allayed fears that growth was slowing too quickly, while also paving the way for the Fed to maintain its aggressive monetary policy.

Nonfarm payrolls in the United States increased by 390,000 in May, contrary to predictions of 318,000. The unemployment rate stayed constant at 3.6% for the month, compared to estimates of 3.5%.

Oil rose, securing its sixth straight week of gains. the yen held near the psychologically important 130 level against the greenback. and bitcoin fell back below $30,000.