WFC Wells Fargo and Company

The major U.S. index futures are currently pointing to a lower open on Monday, with stocks likely to add to the steep losses posted during last Friday’s session.

Continued weakness in the tech sector may weigh on Wall Street amid a slump by shares of Nvidia (NASADAQ:NVDA), which are tumbling by 3.0 percent in pre-market trading.

Ongoing concerns about the outlook for interest rates are also likely to generate selling pressure following last Friday’s stronger-than-expected monthly jobs report.

Interest rate worries have recently contributed to a surge by bond yields, with the yield on the benchmark ten-year note reaching its highest levels in over a year.

In the coming days, reports on consumer and producer price inflation may provide further insight into the outlook for rates.

Reports on weekly jobless claims, retail sales and industrial production are also likely to attract attention later in the week.

Earnings season also starts to pick up steam this week, as financial giants Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) are due to report their quarterly results.

U.S. stocks tumbled on Friday due to heavy selling across the board as buoyant non-farm payroll data raised concerns that the Federal Reserve will likely hold interest rates at current levels or slow down the pace of reductions. Rising bond yields hurt as well.

The major averages all closed sharply lower. The Dow settled with a loss of 696.75 points or 1.6 percent, at 41,938.45. The S&P 500 closed down 91.21 points or 1.5 percent, at 5,827.04, while the Nasdaq ended lower by 317.25 points or 1.6 percent, at 19,161.62.

Data from the Labor Department showed U.S. non-farm payroll employment surged by 256,000 jobs in December after jumping by a downwardly revised 212,000 jobs in November.

Economists had expected employment to climb by 160,000 jobs compared to the addition of 227,000 jobs originally reported for the previous month.

The unemployment rate in the U.S. edged down to 4.1 percent in December from 4.2 percent in November. The rate was expected to come in unchanged.

“The Fed already took the foot of the brake somewhat in late 2024, as the unemployment rate edged higher and private hiring cooled,” said Bill Adams, Chief Economist for Comerica Bank. “But they will see December’s solid jobs report as evidence that there is no urgency to take their foot off the brake entirely.”

He added, “Also, the Fed is concerned that another round of fiscal stimulus, higher tariffs, and immigration restrictions could further juice economic growth, raise inflation, and tighten the labor market, more support for a wait-and-see approach for additional cuts.”

Preliminary data from the University of Michigan said consumer sentiment in the U.S. has unexpectedly seen a modest deterioration in the month of January, The report said the consumer sentiment index edged down to 73.2 in January from 74.0 in December. Economists had expected the index to inch up to 74.5.

Oracle, PayPal, eBay, Advanced Micro Devices, Intel, Morgan Stanley, Goldman Sachs, MetLife and American Express closed down by 3 to 6 percent.

Verizon, Salesforce, Caterpillar, PepsiCo, Citigroup, Bank of America, General Motors, Wells Fargo, Apple, Accenture, P&G and Mastercard lost 2 to 3 percent.

Wallgreens Boots Alliance shares soared nearly 28 percent, after the company reported earnings of $265 million in the first quarter, compared to $67 million in the year-ago quarter.

Delta Air Lines climbed 9 percent. The company’s bottom line dropped in the first quarter. However, it announced that earnings will be greater than $7.35 per share in 2025, up more than 10 percent year-over-year, compared to a normalized 2024 earnings per share baseline.

Whirlpool, Alaska Air, United Airlines Holdings, American Airlines, Eli Lilly, Walmart, Target, and Home Depot also closed with solid gains.

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