The major averages fell on Friday as traders evaluated September's jobs report, which showed the unemployment rate continuing to decline and sparked an increase in interest rates. The Dow Jones Industrial Average fell 630 points, or 2.1%, to 29,296.79. The S&P 500 lost 2.8% to 3,639. The Nasdaq Composite slid 3.8% or 420 points to 10,652, which is less than 1% above its low of the year.

Friday's losses trimmed the gains for what started out as a big comeback week for stocks. The major averages still ended the week higher but gave back most of the gains from the rally that kicked it off. The Dow rose 2% for the week, while the S&P added 1.5%. The Nasdaq eked out a 0.8% gain.

Friday's jobs numbers showed the U.S. economy added 263,000 jobs in September, slightly below a Dow Jones estimate of 275,000. However, the unemployment rate came in at 3.5%, down from the 3.7% in the previous month in a sign that the jobs picture continues to strengthen even as the Federal Reserve tries to slow the economy with rate hikes to stem inflation.

The falling unemployment rate sparked a jump in rates, in turn weighing on stocks. The 2-year year Treasury yield rose 6 basis points to 4.316%. (1 basis point equals 0.01%.)

Advanced Micro Devices' stock tumbled after the chipmaker warned its third-quarter revenue would be lower than anticipated. Levi Strauss shares slipped following a cut to its guidance.

This week's top stocks include 3 energy names that analysts see surging even more

Energy stocks outperformed this week as the rest of the market whiplashed, supported by rising oil prices after OPEC+ announced it would cut oil production by 2 million barrels per day.

The Energy Select Sector SPDR Fund is up 15% so far this week, on pace for its best week since Nov. 13, 2020. Top performers in the fund include Marathon Oil, APA Corp. and Halliburton, which are all up more than 22% week to date.

Investors may want to take note now. Of the top ten stock performances this week, an analysis of FactSet data shows three energy names that are rated well by many analysts that cover them and have a 20% or more upside to the consensus price target.

Investors may want to take note now. Of the top ten stock performances this week, an analysis of FactSet data shows three energy names that are rated well by many analysts that cover them and have a 20% or more upside to the consensus price target.

half of the S&P 500 companies that have so far reported third quarter results have said they were hurt by the strong dollar (and weak every other currency) in the latest three months.

Only 4% of S&P 500 companies have already reported Q3 earnings, according to FactSet senior earnings analyst John Butters.

65% of companies reporting thus far have cited high labor costs as a check on earnings, while 55% mentioned supply chain disruptions. Those numbers are in keeping with recent trends, FactSet said.

What's changed is the 50% of companies that have so far said adverse currency moves have held back earnings. That's significantly higher than the recent trend.