S&P 500, Dow slip as monthly jobs growth slows; tech stocks lift Nasdaq

Dismal jobs report calms taper fears; banking stocks slide, shrug off jump in bond yields

The S&P 500 and the Dow fell on Friday as a slowdown in U.S. jobs growth raised questions about the pace of the economic recovery, while the tech-heavy Nasdaq jumped as the report also calmed fears of an imminent tapering in monetary policy.

Eight of the 11 S&P sectors were down in morning trading, with real estate and utilities stocks

leading declines.

Banking stocks, which generally perform better when bond yields are higher, dropped 0.1% even as the benchmark 10-year Treasury yield jumped following the report.

"The number's a big disappointment and it's clear the Delta variant had a negative impact on the labor