Wall Street on Friday erased all the gains made in the fledgling year, after a hotter-than-expected jobs report led to analysts and traders significantly dialing back their odds of further Federal Reserve rate cuts.

"I think really the market is saying maybe no rate cuts in 2025, and that the 10-year could very easily break well above 5%," Jeremy Siegel said.

The dollar rallied, while U.S. stocks fell sharply on Friday after data showed the U.S. economy created far more jobs in December than expected, reinforcing the belief among investors that U.S. interest rates may not fall much this year.

Canada’s unemployment rate ticked down to 6.7 per cent in December from 6.8 per cent the month before, as the economy added 91,000 jobs, Statistics Canada reported Friday. Analysts had expected Canada to gain 25,

OTTAWA — Statistics Canada will release the country's job report for December this morning. November saw Canada's unemployment rate rise to 6.8 per cent — the highest jobless rate since January 2017 outside of the COVID-19 pandemic.