US stocks fall as Russian advance in Ukraine overshadows strong jobs report

• US stocks fell Friday as Russia seized control of a nuclear power plant in Ukraine and continued bombarding its top cities.
• The Labor Department reported that the US economy created 678,000 jobs last month, well above estimates for 440,000.

US stocks fell Friday as Russia's seizure of a nuclear power plant in Ukraine and its continued missile bombardment of top cities overshadowed a strong jobs report.

The Labor Department reported that the US economy created 678,000 jobs last month, well above estimates for 440,000. The unemployment rate slipped to 3.8% from 4%, also beating forecasts. That helped stocks briefly pare pre-market losses. But the sell-off quickly resumed as investors remained focused on developments in Ukraine, where Russia made more gains.

Russian troops took over the Zaporizhzhia nuclear plant, Europe's largest, in southeastern Ukraine. That came after troops seized the southern city of Kherson. Meanwhile, they kept up fierce missile attacks on Kyiv and Kharkiv. NATO officials warned the situation in Ukraine will likely get worse in the coming days.

Here's where US indexes stood at the 9:30 a.m. ET open on Friday:

• S&P 500: 4,326.93, down 0.84%
• Dow Jones Industrial Average: 33,454.36, down 1.01% (340.30 points)
• Nasdaq Composite: 13,471.07, down 0.53%

Russia's markets and economy saw more fallout from crippling Western sanctions. The central bank ordered the Moscow stock exchange to stay closed for a fifth consecutive day, and the London Stock Exchange froze trading in eight Russian companies on Friday, adding to the 28 already suspended.

S&P Global cut Russia's credit rating for the second time in a week, saying capital controls raised the odds of default. JPMorgan analysts warned Russia's economy faces a collapse that could match or top its meltdown in 1998, when Moscow required an international bailout.

Oil prices rebounded amid growing alarms about the impact of Russia's war on Ukraine. West Texas Intermediate crude oil rose 3.4% to $111.35 per barrel. Brent crude, oil's international benchmark, climbed 3.2% to $114.02.

JPMorgan analysts estimated in a note Thursday that crude prices could skyrocket to $185 by the end of the year if Russian oil demand remains disrupted. And Daniel Yergin, vice chairman of IHS Markit, told CNBC that Russia's invasion could lead to the worst energy crisis since the 1970s.

Gold edged up 0.8% to $1,950.60 per ounce. The yield on the 10-year Treasury fell 7.7 basis points to 1.767%.

Bitcoin slipped 1.7% to $41,308.45.