The S&P 500 remains trapped below its flat line following this morning’s better-than-expected jobs report. Other indices also show a tight performance with Nasdaq 100 outperforming.

The jobs report proved to be a catalyst at the open as odds of a rate hike at the September FOMC meeting increased. As of now, two hikes are fully priced in by next March, according to the Fed Fund Futures.

Three sectors trade in the green led by Materials (XLB) and Technology (XLK). Renewed interest in semiconductors is helping the Technology (XLK) sector and lifting the PHLX Semiconductor Index “SOX” back above its 50-day moving average. On the other hand, Consumer Discretionary (XLY) is the worst performing sector with lululemon athletica (LULU), one of its weakest components following it earnings report. Moreover, Tesla (TXLA) gave back yesterday’s gains following the introduction of its Cybercab.

Another point of weakness today comes from credit bureau and credit-scoring stocks after comments from FHFA Director regarding potential changes to the mortgage credit-scoring market.

The market will be closed on Monday in observance of the Labor Day holiday.

Have a great weekend!