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Wall St. lower as US jobless rate falls to 4.9%

AFP

Wall Street stocks opened lower Friday as fresh data on the US jobs market added some support for another interest rate hike by the Federal Reserve.

While hiring slowed in January, the Labor Department said, the US jobless rate fell to 4.9 percent and wage growth picked up modestly -- both data points that support the Fed further tightening policy in the coming months.

The numbers "could keep the Fed inclined to raise the fed funds rate again in 2016 -- and perhaps sooner rather than much later," said Patrick O'Hare of Briefing.com.

That sent stocks falling modestly, led by large tech and oil shares.

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Ten minutes into trade, the Dow Jones Industrial Average was down 25.54 points (0.16 percent) at 16,391.04.

The broader S&P 500 lost 8.45 (0.44 percent) at 1,907.00 while the Nasdaq Composite fell 30.47 (0.68 percent) to 4,479.09.