Odds of a December rate cut remained low following the release of delayed jobs data.

Markets were last pricing about a 35% chance of a quarter-point cut from the Federal Reserve next month, according to the CME FedWatch Tool. That is higher than the 30% likelihood priced in during the prior session, but remains weak. The tool used fed funds futures trading to calculate the odds.

The target rate is currently at 3.75% to 4.00%.

Those expectations held steady after the release of the September jobs data, the first nonfarm payrolls report investors have seen since the government shutdown. The report gave an uneven picture of the U.S. labor market. The U.S. economy added 119,000 jobs in September, a headline number that blew away expectations for 50,000 jobs added, according to economists polled by Dow Jones.

However, the unemployment rate showed unexpected weakness, rising to 4.4% from 4.3%. The new level is the highest level it’s been since October 2021.

“All those numbers suggest an economy that’s still hanging in there. Not a dramatic move one way or the other,” Former Federal Reserve Vice Chairman Roger Ferguson told CNBC’s “Squawk Box” on Thursday. “People should take note of the slight uptick in the unemployment rate, but labor force participation still looks pretty strong, average hourly earnings certainly looks strong, or strong enough. And so, I don’t think this sort of tilts the cut decision much one way or the other.”

To be sure, some investors are hopeful that weakness in the unemployment rate means a December rate cut remains on the table. The level is closely watched by Fed policymakers, more so than the headline number, and is additionally troubling given that a shrinking labor pool, given the rise in immigration crackdowns, theoretically would keep the job market tight.

“A December cut remains possible given continued labor market softness as expressed by the unemployment rate,” wrote Kay Haigh, global co-head of fixed income and liquidity solutions at Goldman Sachs Asset Management. “Weak hard data and close-to-target inflation look set to drive policy going forward, despite recent hawkish noises.”

“The setup is in place for Powell to continue his risk-management approach to the labor market before his term as Chair expires in May,” Haigh continued.

Silicon Valley executives and financiers publicly opened their wallets in support of President Donald Trump’s 2024 presidential run. The early returns in 2025 aren’t great, to say the least.

Following Trump’s sweeping tariff plan announced Wednesday, the Nasdaq suffered steep consecutive daily drops to finish 10% lower for the week, the index’s worst performance since the beginning of the Covid pandemic in 2020.

The tech industry’s leading CEO’s rushed to contribute to Trump’s inauguration in January and paraded to Washington, D.C., for the event. Since then, it’s been a slog.

The market can always turn around, but economists and investors aren’t optimistic, and concerns are building of a potential recession. The seven most valuable U.S. tech companies lost a combined $1.8 trillion in market cap in two days.

Apple slid 14% for the week, its biggest drop in more than five years. Tesla, led by top Trump adviser Elon Musk, plunged 9.2% and is now down more than 40% for the year. Musk contributed close to $300 million to help propel Trump back to the White House.

Nvidia, Meta and Amazon all suffered double-digit drops for the week. For Amazon, a ninth straight weekly decline marks its longest such losing streak since 2008.

With Wall Street selling out of risky assets on concern that widespread tariff hikes will punish the U.S. and global economy, the fallout has drifted down to the IPO market. Online lender Klarna and ticketing marketplace StubHub delayed their IPOs due to market turbulence, just weeks after filing with the Securities and Exchange Commission, and fintech company Chime is also reportedly delaying its listing.

CoreWeave, a provider of artificial intelligence infrastructure, last week became the first venture-backed company to raise more than $1 billion in a U.S. IPO since 2021. But the company slashed its offering, and trading has been very volatile in its opening days on the market. The stock plunged 12% on Friday, leaving it 17% above its offer price but below the bottom of its initial range.

“You couldn’t create a worse market and macro environment to go public,” said Phil Haslett, co-founder of EquityZen, a platform for investing in private companies. “Way too much turbulence. All flights are grounded until further notice.”

CoreWeave investor Mark Klein of SuRo Capital previously told CNBC that the company could be the first in an “IPO parade.” Now he’s backtracking.

“It appears that the IPO parade has been temporarily halted,” Klein told CNBC by email on Friday. “The current tariff situation has prompted these companies to pause and assess its impact.”

During last year’s presidential campaign, prominent venture capitalists like Marc Andreessen backed Trump, expecting that his administration would usher in a boom and eliminate some of the hurdles to startup growth set up by the Biden administration. Andreessen and his partner, Ben Horowitz, said in July that their financial support of the Trump campaign was due to what they called a better “little tech agenda.”

A spokesperson for Andreessen Horowitz declined to comment.

Some techies who supported Trump in the campaign have taken to social media to defend their positions.

Venture capitalist Keith Rabois, a managing director at Khosla Ventures, posted on X on Thursday that “Trump Derangement Syndrome has morphed into Tariff Derangement Syndrome.” He said tariffs aren’t inflationary, are effective at reducing fentanyl imports, and he expects that “most other countries will cave and cave rapidly.”

That was before China’s Finance Ministry said on Friday that it will impose a 34% tariff on all goods imported from the U.S. starting on April 10.

At Sequoia Capital, which is the biggest investor in Klarna, outspoken Trump supporter Shaun Maguire, wrote on X, “The first long-term thinking President of my lifetime,” and said in a separate post that, “The price of stocks says almost nothing about the long term health of an economy.”

However, Allianz Chief Economic Advisor Mohamed El-Erian warned on Friday that Trump’s extensive raft of import tariffs are putting the U.S. economy at risk of recession.

“You’ve had a major repricing of growth prospects, with a recession in the U.S. going up to 50% probability, you’ve seen an increase in inflation expectations, up to 3.5%,” he told CNBC’s Silvia Amaro on the sidelines of the Ambrosetti Forum in Cernobbio, Italy.

Meanwhile, executives at tech’s megacap companies were largely silent this week, and their public relations representatives declined to provide comments about their thinking.

Microsoft CEO Satya Nadella was in the awkward position on Friday of celebrating his company’s 50th anniversary at corporate headquarters in Redmond, Washington. Alongside Microsoft’s prior two CEOs, Bill Gates and Steve Ballmer, Nadella sat down with CNBC’s Andrew Ross Sorkin for a televised interview that was planned well before Trump’s tariff announcement.

When asked about the tariffs at the top of the interview, Nadella effectively dodged the question and avoided expressing his views about whether the new policies will hamper Microsoft’s business.

Ballmer, who was succeeded by Nadella in 2014, acknowledged to Sorkin that “disruption is very hard on people” and that, “as a Microsoft shareholder, this kind of thing is not good.” Ballmer and Gates are two of the 12 wealthiest people in the world thanks to their Microsoft fortunes.

C-suites may not be able to stay quiet for long, especially if the recent turmoil spills into next week.

Lise Buyer, who previously helped guide Google through its IPO and now works as an adviser to companies going public, said there’s no appetite for risk in the market under these conditions. But there is risk that staffers get jittery, and they’ll surely look to their leaders for some reassurance.

“Until markets settle out and we have the opportunity to access valuation levels, public company CEOs should work to calm potentially distressed employees,” Buyer said in an email. “And private company managements should refine plans to get by on dollars already in the treasury.”

— CNBC’s Hayden Field, Jordan Novet, Leslie Picker, Annie Palmer and Samantha Subin contributed to this report.

WATCH: Chime is reportedly delaying its IPO

American Airlines briefly grounded its U.S. flights Tuesday morning due to a technical problem, snarling travel during what carriers expect to be a period of record demand for the holidays.

By 7:55 a.m. ET, the ground stop had been lifted, an American Airlines spokeswoman told CNBC. The ground stop lasted for less than an hour but more than 900 American Airlines mainline flights had been delayed, according to flight-tracking site FlightAware. That was more than 38% of American’s schedule for Tuesday, and more delays than any other U.S. carrier. Only 11 mainline flights were canceled, however.

The airline’s subsidiary regional carrier Envoy also reported another 200 delayed flights. In addition to the earlier ground stop, American was also facing thunderstorms in the Dallas-Fort Worth area, where its biggest hub is located.

The problem was a network hardware issue involving a platform using DXC Technology, a vendor that maintains the flight operating system that lets flights leave the gate, American said in a statement.

The system is tied to critical data like an aircraft’s weight and balance, which is required before a flight can leave the gate.

“That issue has been resolved and flights have resumed,” the carrier said in a statement. “We sincerely apologize to our customers for the inconvenience this morning.”

The Federal Aviation Administration said American had requested the ground stop.

Airlines routinely request ground stops, which hold flights at origin, so that destination airports aren’t overwhelmed by flights with nowhere to park when there are disruptions. In addition to technical problems, ground stops are put in place for thunderstorms and other severe weather.

American was operating a smaller schedule on Christmas Eve compared with other days around the Christmas holiday. The carrier didn’t have any cancellations tied to the issue, a spokeswoman said.

Airlines’ patchwork systems of critical technology platforms have gained more attention lately after periods of mass flight cancellations such as Southwest‘s meltdown during the 2022 year-end holiday season and Delta‘s struggle to recover from the CrowdStrike outage this past summer.

Correction: The ground stop was issued Tuesday. An earlier version misstated the timing.

Intuit shares fell 6% in extended trading Thursday after the finance software maker issued a revenue forecast for the current quarter that trailed analysts’ estimates due to some sales being delayed.

Here’s how the company performed in comparison with LSEG consensus:

• Earnings per share: $2.50 adjusted vs. $2.35 expected
• Revenue: $3.28 billion vs. $3.14 billion

Revenue increased 10% year over year in the quarter, which ended Oct. 31, according to a statement. Net income fell to $197 million, or 70 cents per share, from $241 million, or 85 cents per share, a year ago.

While results for the fiscal first quarter topped estimates, second-quarter guidance was light. Intuit said it anticipates a single-digit decline in revenue from the consumer segment because of promotional changes for the TurboTax desktop software in retail environments. While that will affect revenue timing, it won’t have any impact on the full 2025 fiscal year.

Intuit called for second-quarter earnings of $2.55 to $2.61 per share, with $3.81 billion to $3.85 billion in revenue. The consensus from LSEG was $3.20 per share and $3.87 billion in revenue.

For the full year, Intuit expects $19.16 to $19.36 in adjusted earnings per share on $18.16 billion to $18.35 billion in revenue. That implies revenue growth of between 12% and 13%. Analysts polled by LSEG were looking for $19.33 in adjusted earnings per share and $18.26 billion in revenue.

Revenue from Intuit’s global business solutions group came in at $2.5 billion in the first quarter. The figure was up 9% and in line with estimates, according to StreetAccount. Formerly known as the small business and self-employed segment, the group includes Mailchimp, QuickBooks, small business financing and merchant payment processing.

“We are seeing good progress serving mid-market customers in MailChimp, but are seeing higher churn from smaller customers,” Sandeep Aujla, Intuit’s finance chief, said on a conference call with analysts. “We are addressing this by making product enhancements and driving feature discoverability and adoption to improve first-time use and customer retention.”

Better outcomes are a few quarters away, Aujla said.

CreditKarma revenue came in at $524 million, above StreetAccount’s $430 million consensus.

At Thursday’s close, Intuit shares were up about 9% so far in 2024, while the S&P 500 has gained almost 25% in the same period.

On Tuesday Intuit shares slipped 5% after The Washington Post said President-elect Donald Trump’s proposed “Department of Government Efficiency” had discussed developing a mobile app for federal income tax filing. But a mobile app for submitting returns from Intuit is “already available to all Americans,” CEO Sasan Goodarzi told CNBC’s Jon Fortt.

Goodarzi said on CNBC that he’s personally communicating with leaders of the incoming presidential administration.

On the earnings call, Goodarzi sounded optimistic about the economy.

“Our belief, which is not baked into our guidance, is that we will see an improved environment as we look ahead in 2025, particularly just with some of the things that I mentioned earlier around just interest rates, jobs, the regulatory environment,” he said. “These things have a real burden on businesses. And we believe that a better future is to come.”

WATCH: H&R Block, Intuit shares fall after report Trump administration is considering a free tax-filing app