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January 9, 2026 – 16:16

(Bloomberg) — Stocks lost ground after a key Supreme Court ruling on the legality of the Trump administration’s tariffs was deferred.

The S&P 500 pared an advance after the highest US court failed to weigh in on the fate of most of President Donald Trump’s import levies. Consumer names like Nike Inc. and Deckers Outdoor Corp. slumped.

Bonds remained under pressure after the latest US jobs report reinforced Wall Street’s bets that the Federal Reserve will leave interest rates on hold for the near term. The yield on two-year Treasuries rose nearly 5 basis points immediately after the report before settling around 3.51%.

Nonfarm payrolls increased by 50,000 in December, according to Bureau of Labor Statistics data out Friday. The unemployment rate was 4.4% last month, down from 4.6% in November. Economists anticipated 70,000 new positions and an unemployment rate of 4.5%.

“The jobs report is a mixed bag,” said Art Hogan, B. Riley Wealth chief market strategist. “We continue to see an environment where companies are slow to hire and slow to fire. The overarching takeaway in today’s report is that there is more good news than bad in the first on time jobs report in three months.”

Swaps traders are expecting around half a percentage point of Fed interest rate cuts this year with a January cut largely off the table.

“On the positive side, the unemployment rate dropped to 4.4%, a positive given its rise had been a key concern and marker of labor weakness over the past year. On the negative side, revisions revealed fewer jobs created than previously believed with private payrolls bearing the brunt of the downgrade. ” according to Jeff Schulze, head of economic and market strategy at ClearBridge Investments. “This outcome should keep the Fed on hold for now, although the committee will remain vigilant for signs of further labor softening.”

To Karen Georges, a fund manager at Ecofi Investissements in Paris, the readout was “not catastrophic and the market is taking the view that the Fed will be content with these mediocre numbers for now.”

The S&P 500’s early-year rally has gone off the boil over the past two sessions. The period has been marked by rotation away from some of the past years’ biggest artificial-intelligence names toward a broader set of tech players and sectors, with investors largely united in seeing the bull run continue.

Corporate News:

Meta Platforms Inc. agreed to a series of electricity deals for its data centers that will make it the biggest buyer of nuclear power among its hyperscaler peers. Rio Tinto Group is in talks to buy Glencore Plc to create the world’s biggest mining company with a combined market value of more than $200 billion, a little over a year after earlier talks between the two collapsed. China Vanke Co. is preparing a debt restructuring plan at the request of authorities, people familiar with the matter said, pushing one of the country’s largest real estate developers closer to default. Dutch telecommunications group Odido is considering launching an initial public offering as soon as this month that could raise about €1 billion ($1.2 billion) or more, according to people familiar with the matter. General Motors Co. will take another $6 billion in charges tied to production cutbacks in its electric vehicle and battery operations as the financial fallout spreads from the weakening US market for EVs. Some of the main moves in markets:

Stocks

The S&P 500 rose 0.2% as of 10:14 a.m. New York time The Nasdaq 100 rose 0.3% The Dow Jones Industrial Average was little changed The Stoxx Europe 600 rose 0.7% The MSCI World Index rose 0.2% The Russell 2000 Index rose 0.3% S&P 500 Equal Weighted Index rose 0.2% Currencies

The Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.3% to $1.1626 The British pound fell 0.3% to $1.3397 The Japanese yen fell 0.8% to 158.11 per dollar Cryptocurrencies

Bitcoin fell 1.2% to $90,142.1 Ether fell 1.3% to $3,074.79 Bonds

The yield on 10-year Treasuries was little changed at 4.17% Germany’s 10-year yield was little changed at 2.86% Britain’s 10-year yield declined one basis point to 4.39% The yield on 2-year Treasuries advanced two basis points to 3.51% Commodities

West Texas Intermediate crude rose 2.3% to $59.08 a barrel Spot gold rose 0.4% to $4,496.50 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from James Hirai, Sujata Rao and Julien Ponthus.

©2026 Bloomberg L.P.