By April Lanux

Stock futures tumbled after a much hotter-than-expected jobs report sent yields spiking as it likely means the Federal Reserve will halt its rate-cutting campaign.

S&P 500 futures shed 1% while Nasdaq-100 futures dropped nearly 1.2%. Futures tied to the Dow Jones Industrial Average dipped 336 points, or nearly 0.8%.

Wall Street soured on the latest nonfarm payrolls reading, which showed job growth came out much stronger than anticipated. U.S. payrolls grew by 256,000 in December, while economists polled by Dow Jones expect to see an increase of 155,000. The unemployment rate, which was projected to remain at 4.2%, fell to 4.1% during the month.

The market does not expect a rate cut from the central bank at its next meeting later this month, with fed funds futures trading data pricing in only about a 7% chance of a quarter-point cut, according to the CME FedWatch tool.

Earlier this week, the Institute for Supply Management’s services index showed an acceleration in growth in the U.S. services industry in December as well as a rise in prices, which intensified concerns about stickier inflation. Further, private sector companies added fewer jobs than expected last month, according to payroll service provider ADP.

All three of the major averages are on track for weekly losses, with the S&P 500 off 0.4% and the Nasdaq Composite down 0.7%. The 30-stock Dow is on pace for a 0.2% decline on the week. The New York Stock Exchange was closed on Thursday to take part in a national day of mourning for late former President Jimmy Carter.

By Richard Thompson

The suspect behind the New Year's Day attack on Bourbon Street in New Orleans, which killed at least 10 people and injured 30, has been identified as Shamsud Din Jabbar, 42. Authorities said during a press conference on Wednesday that they believe he did not act alone. Jabbar intentionally rammed a pickup truck into a crowd of revelers around 3:15 a.m. on Jan. 1, law enforcement said. The truck eventually stopped, and Jabbar opened fire on responding police officers, injuring two before being killed in a shootout with law enforcement.

The FBI is investigating whether improvised explosive devices (IEDs) found in the truck were viable and linked to the attack. Authorities are treating the incident as an act of terrorism, and sources are working to uncover more about Jabbar's background and possible connections to extremist groups. At this time, it is unclear whether he was acting alone or as part of a larger plot.

The attack occurred in the French Quarter, one of New Orleans' busiest areas, during the city's New Year's Eve celebrations. The event was just hours before the Sugar Bowl, drawing crowds from all over. Law enforcement continues to investigate the circumstances surrounding the incident, with additional security measures likely to follow in the wake of the attack.

FBI officials confirmed that after an extensive sweep of the area, no additional improvised explosive devices (IEDs) were found in the French Quarter following the discovery of two devices earlier that morning.

FBI Assistant Special Agent Alethea Duncan said that with local and state partners, they thoroughly checked for any further threats, but nothing suspicious was identified.

New Orleans Police Superintendent Anne Kirkpatrick added that officers also conducted a grid search across the French Quarter, ensuring all streets were examined.

03:37 PM EST Sen. Josh Hawley calls for testimony from Mayorkas and Wray

Sen. Josh Hawley urged Sen. Rand Paul, the incoming chairman of the Senate Homeland Security Committee, to call on Homeland Security Secretary Alejandro Mayorkas and FBI Director Christopher Wray to testify publicly regarding the New Orleans attack.

In a letter, Hawley stressed the need for a full account of the incident and any potential departmental failures. He also spoke on how the American public remains at risk unless the outgoing administration is held accountable for its policies.

03:34 PM EST New Orleans barricades malfunctioned during attack

New Orleans officials revealed that the mechanical barricades around Bourbon Street, intended to prevent vehicles from entering, were not functioning at the time of the attack.

Police had placed alternative barriers, but the attacker bypassed them by driving onto the sidewalk. Police Superintendent Anne Kirkpatrick confirmed that the barricades, installed after previous incidents, were malfunctioning.

The mechanical "wedges" had been getting stuck, but the police had a backup plan in place, which ultimately was ineffective against the assailant's actions. The barriers were being repaired ahead of the Super Bowl in February.