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U.S. stock futures fell on Friday as investors digested stronger labor market data that weighed on interest rate cut expectations, putting them on track for a ninth straight weekly win.
Futures for the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) both fell about 0.5%. The tech-heavy Nasdaq 100 (^NDX) contract led the decline, falling 0.6%.
All three indexes fell after December’s U.S. jobs report was released, with the U.S. economy adding 216,000 jobs in December, more than economists expected by 175,000. The unemployment rate remained unchanged at 3.7%.
Stocks fell in the first week of 2024, a notable reversal from explosive gains fueled by expectations that the Federal Reserve would soon begin monetary easing. But traders are scaling back bets on a rate cut in March as questions arise about whether policymakers are prepared to change policy.
After Friday’s jobs report, investors were roughly 50-50 expecting the Fed to cut interest rates by March, according to CME Group data, a sharp drop from last month.
read more: Impact of the Fed’s interest rate hike suspension on bank accounts, CDs, loans, and credit cards
Against this backdrop, US Treasury yields continued to rise, with the 10-year Treasury yield (^TNX) rising 3.7 basis points to 4.04% after spiking on Thursday.
Elsewhere, iPhone supplier Foxconn (2354.TW) said it expected first-quarter sales to decline due to slowing market demand. Apple (AAPL) stock fell in pre-market trading, with losses widening after two analysts downgraded the iPhone maker over concerns about sales of its next smartphone.
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