U.S. stocks advanced on Friday morning following the release of February’s better-than-expected jobs report. Futures on the S&P 500 edged higher by 0.1%, while those tied to the Nasdaq Composite were up 0.4%. Contracts on the Dow Jones Industrial Average remained relatively unchanged.
Bond yields also fell, with the yield on the benchmark 10-year U.S. Treasury note declining by 3.8% during the morning session. Bitcoin sank below $20,000 following the liquidation of Silvergate Capital while regulatory pressures continue to mount.
Friday’s jobs report revealed that 311,000 new jobs were added in February. While lower than January’s figure, this is higher than the consensus estimates of 225,000 made by economists. Wage growth rose by 4.6% on a yearly basis, while unemployment edged higher to 3.6%.
According to the Bureau of Labor Statistics, those industries that saw a significant rise in employment were government, health care, leisure and hospitality, and retail trade. Among the industries where growth was lagging were information, transportation, and warehousing.
Contrary to the wider stock market’s movement, shares in Silicon Valley Bank plummeted by 67% after the bank announced on Thursday that it needs to raise $2.25 billion after incurring a $1.8 billion loss on some bond sales.