Treasury yields held mostly higher after Labor Department's release. The benchmark 10-year yield hovered around 2.39 percent. The two-year yield, which is the more sensitive to changes in monetary policy, traded near 1.40 percent.
The U.S. dollar whipsawed against a basket of currencies, alternating between gains and losses.
"Nothing here is going to dissuade the Fed from its rate hiking cycle though," said James Athey, senior investment manager at Aberdeen Asset Management. "With unemployment below 4.5 [percent], the jobs market is the least of the Fed's worries. There's a new hawkish mood that's rippling through bond markets and causing a sell-off. Today won't do much to halt that."
The major indexes eked out weekly gains despite the tech sector facing pressure from rising interest rates. Tech has been the best-performing sector this year, rising 15.6 percent. Sovereign bond yields have spiked around the world amid hawkish rhetoric from major central banks.
Heading into next week, investors will watch out for releases of major quarterly reports. Citigroup, Wells Fargo and JPMorgan Chase are all scheduled to report second-quarter results.
"Currently earnings are expected to grow 6.2 percent, but we wouldn't be surprised to see growth of more than 9 percent," said Lindsey Bell, investment strategist at CFRA. She also said tech earnings could be a pleasant surprise for investors.
"I wouldn't count tech out just yet," Bell said. "I think the reporting period will remind investors that the fundamentals are still there."
Quarterly results helped lift the broader market in the previous quarter. S&P 500 earnings grew by more than 10 percent for the first quarter.