Stock market today: Dow, S&P 500, Nasdaq futures fall as Wall Street braces for jobs report, Supreme Court tariff decision

Updated Fri, January 9, 2026 at 1:52 AM EST 1 min read

US stock futures traded sideways early Friday morning as investors braced for a pivotal employment report and awaited a possible Supreme Court decision that could reshape the outlook for President Trump’s tariffs.

Futures tied to the Dow Jones Industrial Average (YM=F), S&P 500 (ES=F) and Nasdaq 100 (NQ=F) all hovered around the baseline.

During Thursday’s regular session, market leadership shifted away from technology stocks. The Nasdaq Composite (^IXIC) was pressured by declines in names such as Nvidia (NVDA), Palantir (PLTR), and Broadcom (AVGO). Meanwhile, the Dow Jones Industrial Average (^DJI) jumped back within striking distance of its record high.

Markets on Friday are focused on two key events. The first is a Supreme Court opinion day that could address the legality of tariffs imposed by Trump. The decision carries huge implications for the administration’s economic strategy and could restructure global trade should the high court find the levies unlawful.

The second catalyst arrives before the opening bell with the release of the December jobs report. Economists surveyed by Bloomberg expect payroll growth of about 70,000, with the unemployment rate ticking slightly lower to 4.5%. The report will be key for the Federal Reserve’s path ahead, with less than three weeks before its next interest rate decision.

Investors are also monitoring Trump’s comments directing the federal government to purchase $200 billion in mortgage-backed securities, in a bid to lower mortgage rates and address growing affordability concerns. Many details around that plan remain unclear.

All three major indexes are on pace to close the first full week of 2026 higher. The S&P 500 is up nearly 1% so far this week, while the Dow and Nasdaq have gained about 1.8% and 1.1%, respectively.

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