Wall Street Reacts to Strong Employment Data

On Friday, the major stock markets on Wall Street closed lower. This downturn followed the release of the latest nonfarm payrolls report for December in the United States, which surpassed analysts' expectations. The strong employment data has raised concerns among investors about the potential impact on the Federal Reserve's decision-making regarding future reductions in key interest rates.

Earnings Reports and Consumer Confidence

Investors also turned their attention to the latest earnings reports from Walgreens for its first quarter of fiscal 2025 and Delta Airlines for its fourth quarter of fiscal 2024. Additionally, the University of Michigan reported a decline in consumer confidence in the country for January, further adding to the market's unease.

Market Indices and Currency Impact

The Dow Jones Industrial Average fell by 1.63%, while the Nasdaq 100 and the S&P 500 dropped by 1.57% and 1.54%, respectively. In currency markets, the euro decreased by 0.56% against the dollar, trading at $1.02441 by late afternoon.

More updates to follow...