Daily Market Color

Equity Futures Gain and Yields Rise on Strong Jobs Report

Strong jobs report drives futures and rates higher
The Labor Department announced that nonfarm payrolls increased 916,000, blowing past estimates of 675,000. Leisure and hospitality led the growth in March, while revisions also added 156,000 to the February and January reports. The unemployment rate decreased to 6.0% with the March report showing the highest increase in added jobs since August 2020. S&P futures extended gains from the record close on Thursday after the jobs announcement, while rates sold-off with the belly of the curve seeing the largest increases in yields. The 10yr finished the shortened trading session up 5bps to close at 1.72%.

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