U.S. equities tumbled at midday as a stronger-than-expected December jobs report raised concerns that the Federal Reserve will hold back on future interest-rate cuts. The Dow Jones Industrial Average, S&P 500, and Nasdaq all dropped around 2%.

Constellation Brands (STZ) was the worst-performing stock in the S&P 500 after the maker of beer, wine, and spirits slashed its guidance on lower consumer spending.

Shares of Allstate (ALL) and rival insurers dipped as estimates show that wildfires in California could cause up to $150 billion in damages.

AbbVie (ABBV) shares declined when the biotech company reported it would take approximately $3.5 billion in an impairment charge due to the failure of a schizophrenia drug in a Phase 2 trial.

Delta Air Lines (DAL) shares flew higher when the airline gave a better-than-expected outlook, and CEO Ed Bastian said 2025 would be the carrier's best year ever.

Shares of Walgreens Boots Alliance (WBA) jumped after the drugstore chain beat profit and sales estimates on cost-cutting measures.

Air Products and Chemicals (APD) shares advanced when proxy advisor Glass Lewis called on shareholders to vote for board candidates backed by activist investor Mantle Ridge, which is demanding a major overhaul of the industrial gases provider. 

Oil futures took off on new U.S. sanctions on Russian crude. Gold prices rose. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Most major cryptocurrencies were up.