The Labor Department on Friday said that nonfarm payrolls rose by 379,000 compared to 210,000 jobs. The better-than-expected jobs report pushed stocks to rebound, as futures on the Down Jones Industrial Average surged 315 points. S&P 500 futures gained 1.1% and Nasdaq 100 futures surged 1% while Occidental Petroleum gained 3%.
Additionally, the U.S. 10-year Treasury yield blasted above 1.6% following the February jobs report. According to the Labor Department on Friday, nonfarm payrolls went above the 210,000 new jobs expectation to 379,000.
Meanwhile, the unemployment rate fell 6.2%. On the other hand, technology shares with very high valuations continued to decline. For instance, Tesla (NASDAQ: TSLA) and Peloton (NASDAQ: PTON) continued to plunge in the premarket.
On Thursday, Federal Reserve Chair Jerome Powell made remarks on rising bond yields. The Fed chair remarks resulted in a sharp sell-off in the futures.
The economic reopening could “create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.