Tech stocks gain, banks, bond yield drop after jobs report – FOX23 News
NEW YORK — (AP) — Technology stocks jumped and shares of financial companies sank in premarket trading after a disappointing report on hiring in the U.S. caused bond yields to tumble.
The yield on the 10-year Treasury note dropped to 1.53% after the Labor Department said America’s employers added just 266,000 jobs last month, sharply lower than in March and well below expectations. The yield on the 10-year stood at 1.57% just before the report was issued.
The lower-than-expected hiring figures seemed to calm some of the inflation fears that have overhung markets for weeks, although the report also showed that average wages rose more than expected.
Bank stocks dropped in premarket trading as yields declined. JPMorgan Chase fell 1.4% and Wells Fargo lost 1.3%.
Tech gains, which stumbled last month when bond yields jumped, rose ahead of the opening bell. Microsoft gained 1% and PayPal…