A strong jobs report for May did more harm than good on Friday, with stocks settling deep in the red after Wall Street interpreted the data as a green light for the U.S. Federal Reserve to move forward with interest rate hikes. The Dow fell 348 points, and both the S&P 500 and Nasdaq settled lower as well, as a surging 10-year Treasury yield dinged the tech sector. All three major benchmarks also logged weekly losses, while the Cboe Volatility Index (VIX) registered a second-straight losing week, despite finishing higher for the day.

The Dow Jones Average (DJI - 32,899.70) dropped 348.6 points, or 1.1% for the day, and 0.9% for the week. Caterpillar (CAT) rose 1.3%, leading the gainers. Apple (AAPL), meanwhile, paced the laggards with a 3.9% drop.

The S&P 500 Index (SPX - 4,108.54) lost 68.3 points, or 1.6% for the day, and 1.2% for the week. Meanwhile, the Nasdaq Composite (IXIC - 12,012.73) fell 304.2 points, or 2.5% for the session, and 1% this week.

Lastly, the Cboe Market Volatility Index (VIX - 24.79) added 0.07 points or 0.3% for the day, but lost 3.5% for the week.

GOLD PRICES LOG WORST DAILY DROP SINCE MAY

Oil prices closed out higher on Friday, as investors continued to brush off a decision from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) to hike production. A drop in U.S. crude inventories, coupled with China's easing Covid-19 restrictions, helped black gold. In turn, July-dated crude added $2, or 1.7%, to close at $118.87 per barrel. For the week, it added 3.3%.

Meanwhile, gold prices settled sharply lower to log their worst single-day percentage drop in three weeks. Pressuring the yellow metal was a strengthening U.S. dollar and today's upbeat jobs report. As a result, August-dated gold fell 1.1%, or $21.20, to settle at $1,850.20 an ounce. The safe-haven commodity also fell 0.3% for the week -- its first weekly loss in three.