US Equities closed sharply lower on Friday, following a stronger-than-expected jobs report that dampened expectations for further interest rate cuts by the Federal Reserve in 2025. The S&P 500 and Nasdaq 100 both dropped 1.5%, while the Dow Jones plunged almost 700 points. The December jobs report showed a robust labor market, with 256,000 new jobs and a decline in the unemployment rate to 4.1%, surpassing forecasts. This raised concerns that the Fed could keep rates elevated for a longer period. Meanwhile, the University of Michigan’s consumer sentiment index showed growing inflation expectations. Financials, real estate, and tech stocks led the declines, with Nvidia falling nearly 3%. On the corporate front, shares of Delta Air Lines soared 9% after exceeding earnings and revenue forecasts, while Walgreens surged 27.5% following strong earnings results. For the week, the S&P 500 lost 1.9%, the Nasdaq dropped 2.2%, and the Dow declined 1.8%.