US stock futures fell on Friday, on track to snap a nine-strong run of weekly wins, as investors digested more strong labor market data that will play into expectations for interest-rate cuts.

Futures on the Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) were both down about 0.5%. Contracts on the tech-heavy Nasdaq 100 (^NDX) led the way lower with a 0.6% drop.

All three indexes dipped lower after the release of the December US jobs report, which showed the US economy added 216,000 jobs in December, higher than the 175,000 expected by economists. The unemployment rate was unchanged at 3.7%.

Stocks have slumped in the first week of 2024 in a marked reversal of a roaring rally powered by high hopes the Federal Reserve will soon start easing monetary policy. But doubts have set in about whether policymakers are prepared to pivot, and traders have scaled back bets on a March rate cut.

After the release of Friday’s payrolls report, investors’ bets on a rate cut by the Fed’s March meeting were roughly 50-50, according to data from the CME Group, down sharply from last month.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

Against that backdrop, US bond yields continued to rise, with the 10-year Treasury yield (^TNX) up 3.7 basis points to 4.04% after surging Thursday.

Elsewhere, iPhone supplier Foxconn (2354.TW) said it expects revenue to drop in the first quarter amid slower market demand. Apple (AAPL) shares slipped in premarket trading, adding to losses after two analysts downgraded the iPhone maker on concerns about sales of its next smartphone.

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