By Liz Moyer

Investing.com — U.S. stock prices fell further Friday despite an unexpectedly positive report about job creation for April.

The index was at 10:24 am ET and was 0.6% lower than 0.7%.

According to the Bureau of Labor Statistics, April saw 428,000 more jobs than expected. The unemployment rate was also 3.6%. The inflation rate may have slowed down as wages didn’t rise as fast as they did in March. However, wage growth was not as strong as it was in March. While the Federal Reserve raised their benchmark interest rates by one-half point on Wednesday and suggested that other increases may be possible in the coming months, Chairman Jerome Powell dispelled fears that central bank would act more aggressively.

Rising rates are causing tech stocks to be hammered, and the Treasury is at 3%. Investors are concerned about inflation and a slowdown in global economic expansion as China responds to Covid-19 epidemics with lockdowns. 

Block Inc’s shares dropped 4.6% on the news that Cash App profit rose 26 percent from last year. But adjusted earnings per share fell below expectations at 18 cents. Shares of pharmaceutical firm Johnson & Johnson (NYSE:) dipped 0.8% after U.S. regulators limited the use of its single-dose vaccine for COVID-19 citing the rare risk of blood clots.

European Union proposes to ban Russian crude oil within six months and phase out imports of refined products by the end the year. However, it would still need to be approved by all 27 member countries. But compromises might be possible for Hungary and Slovakia to ensure the agreement is reached. 

Crude oil saw a rise. Crude oil rose 0.9%, to $109.22 per barrel. The price of an ounce rose 0.5% to $1884