Corporate profit warnings and record oil prices overshadowed a benign jobs creation report and sent stocks sharply lower Friday as investors worried that the economy was cooling too quickly, the Associated Press reports. The Dow Jones industrials shed 134 points as stocks ended the week with a loss.

The Labor Department reported just 121,000 new jobs in May, short of the 175,000 economists expected. With the unemployment rate steady at 4.6 percent, the report was exactly what Wall Street had hoped for – low unemployment, but modest job growth that won’t spark a sharp increase in consumer demand, which could foreshadow inflation and interest rate hikes.

According to preliminary calculations, the Dow Jones industrial average fell 134.63, or 1.2 percent, to 11,090.67, with part of its fall due to a drop in component 3M. Broader stock indicators also lost ground. The Standard & Poor’s 500 index lost 8.60, or 0.67 percent, to 1,265.48, and the Nasdaq composite index dropped 25.03, or 1.16 percent, to 2,130.06.

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