: U.S. stock futures tumble, yields surge after stronger-than-expected jobs report


U.S. stock futures tumbled Friday after data from the Labor Department showed the U.S. economy added 263,000 jobs in November, far exceeding expectations and adding to the perception that the Federal Reserve isn’t doing enough to weaken the labor market and combat inflation. Futures for the S&P 500 fell 63.75 points, or 1.6%, to 4,018, while futures for the Dow Jones Industrial Average YM00, -0.11% shed 393 points, or 1.1%, to 34,046. The Nasdaq Composite NQ00, -0.26% lost 291 points, or 2.4%, to 11,771. Treasury yields, which move inversely to prices, rose after the report, with the yield on the 10-year Treasury note rising 8.3 basis points to 3.614%. The jobs data added to the perception that Fed Chairman Jerome Powell would need to hike interest rates even further, just days after he said the central bank would likely opt for a smaller hike in December. “Friday’s stronger-than-expected jobs report gives the Federal Reserve more reasons to continue raising interest rates and maintain tighter monetary policy for longer, at least until the labor market begins to weaken, which is a signal that the market does not want to hear right now,” said Robert Schein, chief investment officer a Blanke Schein Wealth Management.

This article was originally published by Marketwatch.com. Read the original article here.

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