US stocks mixed as hot jobs report dims view of Fed policy easing

• US stocks wavered on Friday as hot jobs data clouded the outlook for Fed rate cuts. 
• The US added 216,000 jobs to the economy in December, blowing past estimates of 175,000. 
• Indexes are poised to end the first week of 2024 lower, snapping a nine-week winning streak.

Stocks were mixed on Friday after jobs data blew past expectations, dimming the outlook for interest rate cuts from the Federal Reserve. 

The US economy added 216,000 jobs in December, flying past estimates of 175,000 and easily topping November's print of 173,000 jobs added. The unemployment rate remained unchanged at 3.7%.

The blowout numbers mean the economy may not be cool enough for the Fed to loosen monetary policy as soon as markets hope.

"Today's report speaks to the bumpy road ahead for the Fed's journey back to 2% inflation," Andrew Patterson, senior international economist from Vanguard, said. "Strong headline job growth and wage growth above 4% combined with Fed communications, including the minutes, emphasizing the need to remain higher for longer decrease the likelihood of preemptive rate cuts."

Bond yields jumped on the report. The key 10-year Treasury yield jumped five basis points to 4.05%. 

US stocks are poised to snap a nine-week-long winning streak as the first week of the year proves tough for traders. The S&P 500 is down 2% this week, while the Nasdaq is down 4%. 

Here's where US indexes stood at the 9:30 a.m. opening bell on Friday:

• S&P 500: 4,692.00, up 0.07% 
• Dow Jones Industrial Average: 37,434.78, down 0.11% (-41.10 points)
• Nasdaq Composite: 14,510.50, down 0.02%

Here's what else is going on today:

• Here are 9 stocks to buy as tech stocks rise 25% during 'the year of AI,' Wedbush Securities said.
• In good news for housing, sliding mortgage rates are helping to thaw the frozen market, Redfin says.
• Howard Marks says stocks aren't super pricey or cheap, and the economic outlook is uncertain.

In commodities, bonds, and crypto:

• Oil prices rose, with West Texas Intermediate up 2.2% to $73.78 a barrel. Brent crude, the international benchmark, was up 1.65% to $78.87 a barrel.
• Gold slid 0.2% to $2,054.40 per ounce.
• The 10-year Treasury yield moved higher by five basis points to 4.051%.
• Bitcoin fell 0.86% to $43,774.50.