Stock market news today: Stock futures waver ahead of crucial jobs report

U.S. stock futures edged higher Friday morning after the crucial jobs report came in hotter than expected.

As of 8:45 a.m. ET, futures tied to the S&P 500 (^GSPC) were up 0.1%, while futures on the Dow Jones Industrial Average (^DJI) hovered around the flatline. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were up 0.4%.

Bond yields were lower. The yield on the benchmark 10-year U.S. Treasury note ticked down to 3.78% Friday morning.

Friday’s February jobs print blew past expectations once again, as the U.S. economy added 311,000 jobs, a slower pace from the January’s blowout number, and compared to consensus estimates from economists are for job gains of 225,000. The unemployment rate edged up to 3.6%, and wage growth cooled.

The Federal Reserve has been keeping a close eye on all fronts to the labor market as the central bank tries to cool down inflation.

Meanwhile, other recent data continues to show the economy remains resilient. Consumer spending surged in January, inflation stayed sticky, and business activity expanded in February.

The accumulation of economic data, coupled with comments this week from Chair Jerome Powell, has sparked the debate on whether a 0.25% or 0.50% rate hike from the Fed is likely for its March meeting.

However, recent events in the banking world have spurred other concerns for Fed officials as their monetary tightening policy induces stresses into the banking system.

A major tech firm lender revealed it’s in deep trouble. Silicon Valley Bank’s (SIVB) share price tanked 67% on Friday after announcing it needs to raise $2.25 billion to offset a $1.8 billion loss on some bond sales.

The sour sentiment has spread across markets as the KBW Bank index (^BKX) was down over 7%, while index members including Bank of America (BAC) and JPMorgan Chase (JPM) edged lower Friday morning in premarket trading.

In single stock moves, Allbirds (BIRD) shares plunged 21% after the footwear retailer posted disappointing quarterly earnings report that included a double-digit drop in sales, and revealed a $101 million annual loss.

Story continues

Elsewhere, in the cryptocurrency market, Bitcoin (BTC) crumbled below $20,000 Friday amid liquidation of Silvergate Capital (SI) and regulatory pressures on the industry.

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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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