Wall Street is starting to come to terms with a dwindling likelihood that the Federal Reserve will continue its rate-cutting cycle this year. After a blockbuster jobs report, some expect no cuts at all in 2025.

U.S. stock futures quickly tumbled after the government said U.S. employers added a stronger-than-expected 256,000 jobs in December. Economists were expecting hiring to increase by 153,000. Futures for the S&P 500 fell 0.

U.S. stocks are sinking on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high