The major averages reversed course, selling off throughout the day as the economic data was weaker than expected, but inflation data was hotter than expected. Similar to last Friday, concerns of tariffs and inflation crept into traders' minds with hawkish comments from President Trump heading into the weekend. The Dow Jones Industrial Average fell 444 points, or 1%. The S&P 500 fell 57 points or 0.95% while the Nasdaq Composite declined 268 points or 1.3%. The major averages were all lower on the week, but recovered nicely from the sharp sell off to start the week.

For the month of January, the labor market added a net 143,000 jobs last month, lower than the 169,000 expected by economists, according to Dow Jones, but the unemployment rate dipped to 4.0% from 4.1% as job growth in the previous two months was revised higher. The January nonfarm payrolls report showed average hourly earnings were also stronger than expected, rising 0.5% last month and now up 4.1% over the past year. Economists were expecting increases of 0.3% and 3.7%, respectively, according to Dow Jones. The 10-year Treasury yield rose five basis points to 4.489%. The 2-year Treasury yield rose 8 basis points to 4.28%.

On the economic front, Amazon 4% after guidance from the e-commerce giant disappointed investors. Most of the big cap techs were lower today. Amazon did say they would continue to spend billions on R&D and AI which helped Nvidia stay in the green today.

To upside, Expedia rose 17% on strong earnings and guidance for 2025. Bookings Holdings and Airbnb were higher as well in sympathy. Uber jumped 6% today after disappointing earnings earlier in the week. Billionaire Bil Ackmann disclosed a $2 billion or 1% stake in the ridesharing company.

Oil was higher today, but fell 3% on the week for its third straight weekly decline. Gold was higher closing higher for a sixth straight week. Bitcoin was quiet on the day, but modestly higher on the week.