Wall Street is experiencing a downturn as expectations for Federal Reserve interest rate cuts diminish. Recent assessments indicate that traders are now pricing in only one rate cut in 2025, a significant reduction from nearly six cuts anticipated in September. Following the latest jobs report, futures markets suggest a mere 50% chance of a rate cut occurring until June, with a single 25 basis point reduction expected later in the year. This shift in market sentiment has prompted a sell-off in technology stocks, contributing to the overall decline in the stock market. Analysts note that the market's current outlook reflects a stark contrast to previous expectations, where multiple cuts were forecasted. As of mid-January, traders are increasingly betting on a June rate cut and a potential second cut by the end of 2025, contingent on forthcoming inflation data.