U.S. stocks dropped on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high.

Good news for the U.S. economy is back to being bad for Wall Street as the S&P 500, Dow Jones industrial average and Nasdaq all post losses.

Investors appeared to have entered the new year with cautious footing, with uncertainties around future Fed rate cuts and policies under the upcoming Trump administration. Thursday marked the first day for the market in 2025 and ended with the benchmark index in red.

Uber drove 3.2% higher after the ride-hailing app said it would accelerate $1.5 billion in purchases of its own stock, part of a previously announced $7 billion buyback program. Uber’s chief financial officer, Prashanth Mahendra-Rajah, said it’s making the move because its stock price looks cheap compared with the strength of its business.

U.S. stocks are recoiling on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high.

Global stock markets were mixed on Thursday as Wall Street remained closed to honor the late former President Jimmy Carter. The U.S. stock market was closed Thursday in observance of a National Day of Mourning for Carter who died at the age of 100 late last month.