U.S. stocks are falling Friday as Wall Street questions whether the U.S. job market has slowed by just enough to convince the Federal Reserve to cut interest rates soon to help the economy, or by so much that a recession may be on the way.

After jumping to an early gain, the S&P 500 erased it and fell 0.6% below the all-time high it set the day before. The Dow Jones Industrial Average was down 334 points, or 0.7%, as of 10:45 a.m. Eastern time, after losing its own early gain of 148 points. The Nasdaq composite fell 0.5%.

The action was stronger in the bond market, where Treasury yields tumbled after the report from the U.S. Labor Department said employers across the country hired far fewer workers in August than economists expected. The U.S. government also said that earlier estimates f

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