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Futures mostly lower after strong jobs; 2-year yield tops 0.9%

Jenny Cosgrave
Futures mostly lower after strong jobs; 2-year yield tops 0.9%

U.S. stock index futures struggled for direction, holding mostly lower after the nonfarm payrolls report soundly beat expectations.

The report showed the addition of 271,000 jobs , with a 5 percent unemployment rate. Average hourly earnings increased 9 cents.

Dow futures gave up earlier gains to fall more than 50 points, while bond yields climbed after the data release. The 2-year yield (U.S.:US2Y) briefly climbed above 0.9 percent and the 10-year yield traded near 2.3 percent.

The euro fell below $1.08 and the yen weakened to 122.63 yen against the U.S. dollar.

Economists polled by Reuters forecast about 180,000 new jobs were added in October, with unemployment holding near September's 5.1 percent rate.

Analysts said generally any number above 150,000 would be positive for the economy, and support the case for a rate rise as soon as December. They will also watch the participation rate, revisions to prior months, and changes in hourly wages for signs of inflation and tightening in the labor market.

Just one other monthly employment report is due before the Federal Reserve meets Dec.15 and 16.

Other data released Friday includes the latest consumer credit figures for September at 3:00 p.m.

Chicago Fed President Charles Evans said on CNBC that the report was "very good news" and that strong jobs growth would help push up inflation. Evans is a voting member of the Federal Open Market Committee.

St. Louis Fed President James Bullard is also due to speak and Fed Gov. Lael Brainard speaks at an IMF conference after the closing bell.

Earnings season is beginning to wind down, with just a few major companies reporting on Friday.

Ameren (AEE), Brookfield Asset Management (Toronto Stock Exchange: BAM.A-CA), Cigna (CI) and Tri Pointe Homes (TPH) are among those posting results before market open, while numbers from Warren Buffett's Berkshire Hathaway will be closely watched after the bell.

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In Europe, equities turned to trade mostly higher after the strong jobs report.

— CNBC's Evelyn Cheng contributed to this report

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