Stocks lost their footing on Friday, ending what had been a nine-week winning streak, the longest consecutive weekly run in the green since 2004, and setting the Dow and the S&P 500 up for the worst start to a year since 2016.

The Dow Jones Industrial Average (^DJI) rose just above the flatline. The benchmark S&P 500 (^GSPC) rose almost 0.2% while the tech-heavy Nasdaq Composite (^IXIC) ticked up about 0.1%.

The first full trading week of 2024 is arriving.

How new economic data will clarify or complicate the next steps for the Federal Reserve will be top of mind for many investors, especially following December's robust jobs report.

Fresh inflation data will arrive next week. The Consumer Price Index (CPI) report is scheduled for Thursday, helping to show if the central bank's fight to tamp down on price pressures is making further progress.

On the corporate earnings front, Albertsons (ACI) and Tilray (TLRY) are on deck to report, followed later in the week by a host of banks, including Citi (C), Bank of America (BAC ), Wells Fargo (WFC), and JPMorgan Chase (JPM). They will offer insight into the state of the US economy and how the American consumer is doing heading into 2024.

Yahoo Finance's Brent Sanchez has a graphical breakdown of what to watch next week:

Apple's (AAPL) market cap has dropped by more than $100 billion in the first days of the new year, following downgrades from two sets of analysts. The stock is down almost 1% Friday and is on track to post a 6% loss for the week.

The iPhone maker is still Wall Street's most valuable company with a market cap of $2.843 trillion but its lead has shrunk as Microsoft's (MSFT) market cap of $2.749 trillion closes in.

Apple's iPhone revenue sank about $5 billion in 2023 from the year prior. The flagship iPhone accounts for roughly half the company’s total revenue. Sales of Macs, iPads, and wearables also declined last year as rising inflation and interest rates pressured consumers.

Despite the rough week, bullish analysts have focused on Apple's growing services businesses, which swelled from $78 billion in 2022 to $85 billion in 2023. In the most recent quarter revenue from services ballooned by almost 20% compared to the same period the year before.

Apple's enormous user base and the strength of its services are a crucial component of more optimistic readings on the company's future.

Wedbush analysts led by Dan Ives pin the value of Apple's services business as high as $1.6 trillion and predict that Cupertino will become the first $4 trillion company by the end of 2024.

AMC (AMC) shares touched another all-time low on Friday with the theater chain's stock down more than 2% to as low as $5.08 per share during the session.

Shares have been on a downward spiral as the company continues to issue stock amid its looming debt.

Earlier this week AMC said it "entered into a series of privately negotiated exchange agreements, under which it has issued or will issue" more than 3.25 million Class A stock "in exchange for $22,500,000" to pay down notes due in 2026.

The stock has fallen 15% over the past four sessions. Shares have spiraled downward roughly 80% since August 2023, when they were trading just north of $40 per share. The stock is down over 98% from its all-time high of $339.05 reached in June 2021.

The container shipping giant Maersk (MAERSK-A.CO, MAERSK-B.CO) said it will be rerouting all of its shipping vessels away from the Red Sea amid attacks against shipping vessels by Yemeni Houthi forces in the Gulf region.

The diversions are significant because of the importance of the route, which connects Asia and Europe through the Suez Canal; roughly 10% of all world trade passes through the waterway.

Alternate routes increase shipping costs by more than 170% and add up to 14 days to the duration of the voyage.

"The situation is constantly evolving and remains highly volatile, and all available intelligence at hand confirms that the security risk continues to be at a significantly elevated level," Maersk said in a statement Friday.

The expectation that the geopolitical tensions will boost the earnings prospects for shipping companies as capacity diminishes led analysts at Goldman Sachs and Bank of America to upgrade Maersk to Neutral from Underweight this week, reports Yahoo Finance's Ines Ferré.

Oil prices have also surged on supply disruptions. West Texas Intermediate crude (CL=F) rose 2% on Friday afternoon and Brent crude (BZ=F) advanced nearly 1.4%.

Here are some of the stocks leading Yahoo Finance’s trending tickers page during afternoon trading on Friday:

Peloton (PTON): Shares of the connected fitness company continued to climb on Friday afternoon, riding the momentum after the company announced a partnership with TikTok in which Peloton content will be featured on a dedicated fitness hub on the social media platform.

Palantir (PLTR): Shares sank 2% after Jefferies downgraded the stock to Underperform from Hold while slashing its price target to $13 per share from $18. Jefferies analyst Brent Thill writes that Palantir still has a long-term AI advantage through the trends of "AI euphoria."

Constellation (STZ): The parent company behind popular beer brands Modelo and Corona rose 2% Friday afternoon after reporting overall sales figures that fell below expectations for its fiscal third quarter earnings, but posted higher profits and sales growth for beer.

Costco (COST): Shares ticked up 1% after the warehouse retailer reported net sales increased close to 10% in last month, boosted by e-commerce sales growth of nearly 18%. Bank of America also reiterated its Buy rating on the wholesaler's stock.

Investors tried to find solid footing during afternoon trading on Friday after the release of the December jobs report. The major indexes travelled in both directions earlier in the day before settling in mixed territory.

Near 12:30 p.m. ET the Dow Jones Industrial Average (^DJI) was down 0.2%, or about 75 points. The benchmark S&P 500 (^GSPC) climbed over the flatline while the tech-heavy Nasdaq Composite (^IXIC) advanced 0.1%.

"The December employment report continued to show a gradual cooling in the labor market that is more consistent with a soft landing than a recession," said Bank of America global research analysts in a note on Friday.

The maker of the popular AI chatbot ChatGPT is in talks with dozens of publishers to license their articles, Bloomberg reported Thursday. The agreements would help the startup train its AI models while compensating publishers for the content they produce.

The effort to expand licensing deals comes as the New York Times filed a lawsuit against Microsoft (MSFT) and OpenAI over allegations of copyright infringement. The news outlet claims the AI companies engaged in wide-scale copying, hijacking the Times' journalism to train its AI chatbots. The lawsuit is the latest in a broader dispute over how courts should view the legality of training large language models using published works found on the web without permission or compensation.

While some publishers have already inked deals with OpenAI and other AI companies, the Times is among a class of creative outlets that have openly challenged how tech companies have gone about training their AI tools.

"We are in the middle of many negotiations and discussions with many publishers. They are active. They are very positive. They’re progressing well," Tom Rubin, OpenAI's chief of intellectual property and content, told Bloomberg. "You've seen deals announced, and there will be more in the future."

However these deals play out, advocates for individual creators have raised concerns that professionals on the smaller end of media production will be shut out of potential licensing agreements. And without intervention from Congress or the courts, work-for-hire artists have little recourse to challenge AI companies even when their work is ingested by large language models, said Rick Allen, the co-founder of Nautilus Productions, a boutique stock footage company and production house.

"It is telling that these negotiations by OpenAI, who jealously guards its own IP, recognize that other people’s content has value," he said.

Fresh labor market data caught Wall Street by surprise.

The labor market added 216,000 jobs in December, up from 173,000 in the previous month, and surpassing expectations from economists surveyed by Bloomberg, who had forecasted 175,000.

While at first glance the data reflects good news for workers and the businesses hiring them, the robust figures also complicate expectations for the Federal Reserve's interest rate policy for the months ahead.

"Friday’s jobs report was so strong that it likely delays the timing of the Federal Reserve’s eventual rate cuts," said Jeremy Straub, CEO of Coastal Wealth. "Clearly, the economy is strong enough as of now to withstand the Fed’s currently elevated interest rates."

For much of Wall Street, an end to the Fed's tightening campaign will be a victory for the economy, and specifically for investors who have been squeezed by higher interest rates, which increase the cost of borrowing and restrict growth.

The hot jobs report may have initially rattled expectations for rate cutting, but investors are still leaning towards the possibility that the Fed will cut rates at its March 20 meeting.

Investors are pricing in about a 74% chance of a rate cut after the March meeting, according to the CME FedWatch Tool.

Stocks opened slightly higher Friday as investors looked for direction after a strong jobs report rattled expectations for the Federal Reserve cutting interest rates.

The surprisingly hot jobs report could pressure the Fed to hold rates steady and delay its first rate cut, pushing away hopes that the tightening campaign has come to an end.

The Dow Jones Industrial Average (^DJI) rose just above the flatline. The benchmark S&P 500 (^GSPC) climbed 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) advanced 0.2%.

The US economy added 216,000 jobs in December, while the unemployment rate remained unchanged at 3.7%, according to the Bureau of Labor Statistics.

Yahoo Finance's Josh Schafer has all the details here.

Stocks moved lower after the report as traders scaled back bets on a rate cut from the Federal Reserve. All three indexes were down over 0.4% in premarket trading.