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The major indexes traveled both ways throughout the day 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%.

Separate data from Institute for Supply Management (ISM) showed services activity slowed in December. Its services PMI for the month came in at 50.6, down from November’s reading of 52.7. While a reading above 50 indicates expansion, the December figure marked the lowest level for services activity since May.

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.

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