Stock futures are lower and bonds are getting smoked after the jobs report (SPY, DJI, IXIC, USO, UST, USD, GLD, EUR, JPY)

Akin Oyedele

Stock futures are lower and bonds are getting crushed after the May employment report showed that the US economy added 280,000 jobs, a big beat, and the unemployment rate rose to 5.5%.

Near 9:10 a.m. ET, Dow futures were down 58 points, S&P 500 futures were down 8 points, and Nasdaq futures were down 10 points.

On Thursday, the Dow and the S&P 500 had their weakest day in four weeks, following a selloff in global bond markets.

Treasuries sold off sharply after the jobs report. The yield on the benchmark 10-year note jumped to a new year-to-date high above 2.4%.

In an interview on Bloomberg radio, Janus Capital's Bill Gross said the jobs report implies a "bear market for long term bonds."

The dollar jumped more than 1%, with its index gaining to around 96.42. The yen hit about 125.60 vs the dollar, the highest level in around 13 years according to Bloomberg.

Gold slipped to a three-month low of around $1,166 per ounce, falling by about $9. 

The jobs report showed that wages rose faster than expected. Average hourly earnings climbed 0.3% month-over-month, and 2.3% year-over-year.

Yields are higher again, after bonds paused a selloff on Wednesday that was also seen across Europe. Here's a chart of the spike in the 10-year treasury yield on Friday morning:

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