US stocks fall as investors assess Fed path after the strong January jobs report

• US stocks fell Monday as investors continue to assess January's unexpectedly strong jobs report.
• The strong labor market may keep the Fed from signaling its ready to pause raise hikes.

US stocks fell on Monday as investors kicked off the new trading week with questions about how much further the Federal Reserve will raise interest rates as strength in the US labor market persists.

The S&P 500 was running lower after Friday's loss, although the index ended up rising last week by about 1.6%.

"The jobs data dampens hopes of dovish pivot by the Fed," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

• S&P 500: 4,113.47, down 0.56%

• Dow Jones Industrial Average: 33,808.12, down 0.35% (117.89 points)

• Nasdaq Composite: 11,909.19, down 0.84%

Friday's moves centered around the unexpectedly strong January jobs report in which the economy added a whopping 517,000 jobs. Bond yields have soared in the weak of the report, pressuring equities.

"Many investors started 2023 lightly positioned in risk assets in response to worries over a global recession and a potential energy crisis in Europe. That made the market susceptible to a swift rally. But we continue to believe that the US market is vulnerable to a reversal in the near term, before a more sustained inflection later in the year."

Investors will watch for what Federal Reserve Chair Jerome Powell may say about the outlook for further rate hikes when he speaks on Tuesday. The Fed this month kicked up the Fed funds rate for an eighth consecutive time.

Here's what else is happening today:

• OPEC+ may need to lift its oil output as China's reopening could juice up demand, says IEA chief.
• Wharton professor Jeremy Siegel warns the strong US jobs report may be bad news for stocks.
• Adani cut its UK audit bill in half by dumping a Big Four firm for a much smaller rival.

In commodities, bonds, and crypto:

• West Texas Intermediate crude rose 0.9% to $74.05 per barrel. Brent crude, the international benchmark, tacked on 1.1% at $80.83.
• Gold gained 0.4% to $1,885.40 per ounce.
• The 10-year Treasury yield jumped 22 basis points to 3.62%.
• Bitcoin fell 0.3% to $22,826.10.