U.S. stocks trade lower on jobs report

U.S. stocks traded lower in the morning session on Monday, as investors digested Friday's much- better-than-expected jobs data.

At noon, the Dow Jones Industrial Average shed 49.41 points, or 0.28 percent, to 17,800.05. The S&P 500 was down 7.68 points, or 0. 37 percent, to 2,085.15. The Nasdaq Composite Index lost 32.10 points, or 0.63 percent, to 5,036.36.

Jobs report increased expectations that the Federal Reserve could raise interest rates as soon as September, which has weighed on market sentiment.

"In fact, some FOMC (Federal Open Market Committee) members will be pushing to start at the June meeting. We continue to expect they will wait until September, but July should not be ruled out," said Chris Low, chief economist at FTN Financial, in a note.

The U.S. job market continued its steady growth momentum in May, further heating market debate over the timing for the central bank 's first interest rate hike in almost nine years.

U.S. total nonfarm payroll employment added 280,000 in May, well above market consensus, and the unemployment rate was essentially unchanged at 5.5 percent, the U.S. Labor Department said Friday.

U.S. stocks closed mixed on Friday, as investors were assessing impacts of the much better-than-expected jobs report and Greek debt crisis.

In the absence of major U.S. economic data on Monday, investors also kept an eye on Greece. As talks between Greece and its creditors drag on, analysts said relations between Athens and its European partners seem to be getting worse, not better. Endite