From Nasdaq:

On Friday, Wall Street’s main indexes were set to open lower after a stronger-than-expected jobs report. U.S. employers added 216,000 jobs in December, surpassing expectations. The unemployment rate remained at 3.7% and average earnings rose 0.4%, sending expectations for interest rate cuts lower. Yields on U.S. Treasury notes also ticked higher.

The strong jobs report confirmed the economy’s strength, pushing expectations for rate cuts further out. The S&P 500 and Nasdaq were on track for their worst performances since October, driven by investors cashing in after anticipating aggressive rate cuts. Tech stocks, including Tesla, Apple, and Alphabet, faced losses before the bell. In addition, chipmakers and drug developers, including Applied Therapeutics and Palantir Technologies, declined.

Investors are keeping an eye on remarks by Richmond Federal Reserve President Thomas Barkin later in the day. This news was reported by Johann M Cherian and Shristi Achar A in Bengaluru. It’s worth noting that these views are those of the author and not necessarily reflective of Nasdaq, Inc.



Read more: US STOCKS-Wall St set for weak open after hotter-than-expected jobs data