U.S. stocks trade mixed amid jobs report, oil prices

U.S. stocks traded in a narrow range on Monday, after weak nonfarm payroll report caused investors to revise down the likelihood of the U.S. Federal Reserve hiking rates in June.

At midday, the Dow Jones Industrial Average shed 60.57 points, or 0.34 percent, to 17,680.06. The S&P 500 ticked down 1.28 points, or 0.06 percent, to 2,055.86. The Nasdaq Composite Index gained 8.38 points, or 0.18 percent, to 4,744.53.

U.S. total nonfarm payroll employment increased by 160,000 in April, well below the market consensus of 200,000, the Labor Department reported Friday. The unemployment rate was unchanged at 5.0 percent in April, also missing the market estimate of 4.9 percent.

In April, average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents to 25.53 U.S. dollars, following an increase of 6 cents in March. Over the year, average hourly earnings have risen by 2.5 percent.

Chicago Fed President Charles Evans said Monday that he expected to see a 2.5 percent growth rate of U.S. economy for the full year 2016, but the Fed's "wait and see" approach on interest rates at this time is appropriate.

There is no major economic data due out Monday.

Oil prices traded lower Monday, with both U.S. oil and Brent crude falling over 1.5 percent in early trading, amid worries over a near-term supply shortage caused by massive wildfire near Canada's oil sands reservoir.

U.S. stocks reversed early losses to end higher Friday, as the country's weak jobs report raised expectations that the Fed would go slow on future interest rate hikes. Endit