Stock Market Today: SP, Nasdaq Retreat After Sizzling Jobs Report A milestone jobs report sent stocks lower on Friday as it sparked concern the Fed will stay aggressive with its rate hikes. SEE MORE Kiplinger''s Weekly Earnings Calendar (Aug. 8-12) Ahead of the opening bell, the Labor Department said the U.S. economy added 528,000 new jobs in July, more than double what economists were expecting. The U.S. has now recouped all 22 million positions lost in the early months of the pandemic. Also in the report: The unemployment rate fell to 3.5%, a level not seen since February 2020, while average hourly earnings were up 0.5% month-over-month and 5.2% year-over-year. "Job gains were broad-based and especially prominent in sectors such as education, healthcare and government," says Jeffrey Roach, chief economist for independent broker-dealer LPL Financial. "Given the stability in the job market, especially considering rising borrowing costs and higher inflation, we do not expect the National Bureau of Economic Research (NBER) to call a recession at this point.