By Liz Moyer
Investing.com -- U.S. stocks were falling on fear the latest job data will encourage the Federal Reserve to continue to raise interest rates.
At 9:55 ET, the Dow Jones Industrial Average was down 71 points or 0.2%, while the S&P 500 was down 0.7% and the NASDAQ Composite was down 1.2%.
U.S. stock markets were closed Friday when the jobs report for March came out, showing a still-tight labor market. The economy added 236,000 jobs in March, against expectations for 239,000. The report came after other labor market economic reports showing a softening in labor conditions.
Nearly 70% of futures traders are expecting the Fed to raise rates another quarter of a percentage point when it meets in May despite some indications the economy is slowing.
Last month's turmoil in the banking sector is expected to pull back credit conditions, another factor that will slow the economy. Big banks start reporting earnings later this week and could be the bellwether for earnings season this month.
Overall, analysts are lowering their expectations for the quarter. The S&P 500 companies are expected to report a 5.2% shrinkage in profit in the first quarter. That compares to expectations for growth of 1.4% as the year started. Second quarter earnings are expected to drop 4%.
This week's economic reports feature consumer and producer inflation and the minutes of the Fed's last meeting.
Tesla, Inc. (NASDAQ:TSLA) shares fell 4% after the electric vehicle maker said it would cut prices in the U.S. again, adding to its announcement of plans to establish a battery factory in Shanghai.
Shares of shale oil producer Pioneer Natural Resources (NYSE:PXD) jumped 8.1% after reports oil major ExxonMobil (NYSE:XOM) explored a possible acquisition.
Oil dipped. Crude Oil WTI Futures was down 0.1% to $80.67 a barrel, while Brent Oil Futures was down 0.1% to $84.95 a barrel. Gold Futures was down 1.1% to $2003.