US Futures Rise, Bonds Slide on Solid Jobs Data: Markets Wrap
- S&P 500 ended the four-day week with a slight decline
- Equity markets mostly closed worldwide Friday for holidays
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Policy-sensitive Treasury notes fell, sending two-year yields back above 4%, as a solid hiring report bolstered bets for another Federal Reserve rate increase. US stock futures advanced before closing early as the report eased concerns the economy was headed for recession.
Contracts on the S&P 500 climbed, while the two-year yield jumped 15 basis points to 4.02% after March’s hiring report showed resiliency in the labor market that could enable the Fed to make policy more restrictive. Payroll additions topped 200,000, wage-growth slowed and the unemployment rate dropped.