U.S. stocks are recoiling on worries that good news on the job market may be too good and prove to be bad for Wall Street by keeping inflation and interest rates high. The S&P 500 was down 0.9% early Friday.

Wall Street pointed modestly lower Wednesday as markets remain anxious about lingering inflation and the potential for fewer interest rate cuts by the Federal Reserve.

Minutes from the most recent meeting of Federal Reserve policymakers showed uncertainty about the impact of President-elect Trump's immigration and tariff policies on inflation.

President-elect Trump says interest rates are far too high, but his own economic agenda might play a key role in keeping them elevated for longer. Why it matters: Fed chair Jerome Powell has been hesitant to directly comment on the incoming administration's policies,