The Standard & Poor's 500 index fell 2.4% this week as payrolls data missed forecasts.

The index ended Friday's session at 6,238.01, and is up 6.1% this year. The S&P rose 2.2% in July, its third consecutive monthly gain.

Nonfarm payrolls rose by 73,000 in July, according to data released Friday by the Bureau of Labor Statistics, missing the consensus estimate compiled by Bloomberg for a 104,000 increase. The unemployment rate increased to 4.2% in July, in line with the market view.

Materials led decliners, falling 5.4%, while consumer discretionary lost 4.5% and healthcare was down 3.9%.

In materials, Eastman Chemical (EMN) shares fell 25% as its Q2 results missed market expectations and UBS and Mizuho cut their price targets on the stock. Decliners in consumer discretionary included Caesars Entertainment (CZR), whose shares fell 13% as the company posted a Q2 loss against earnings expectations.

Utilities and communications were the only two gainers, climbing 1.5% and 0.01%, respectively.

Vistra (VST) had the largest weekly percentage increase among utilities, gaining 8.3% as the company raised its quarterly dividend by 3% to $0.226 a share. Raymond James increased the price target on Vistra's stock to $241 from $216.

Next week's earnings calendar features Palantir Technologies (PLTR), Advanced Micro Devices (AMD), McDonald's (MCD), Walt Disney (DIS), Eli Lilly (LLY) and Toyota Motor (TM).

Economic data will include the June trade deficit, factory orders, wholesale inventories, consumer credit, July S&P purchasing managers' index and Q2 US productivity.