The Dow DJIA dropped almost 700 points Friday, booking a back-to-back weekly decline that left it down 1.4% so far in January. That marked the index’s worst performance over the first six trading days of a year since 2016, when it slumped 5.9%, according to Dow Jones Market Data.

The Dow fell over 500 points on Friday morning after new job reports surpassed expectations, and the Federal Reserve indicated that interest rate cuts may be postponed. Additionally, inflation remains a concern and is anticipated to stay high.