Futures Surge as Weak Jobs Data Boosts Stocks

Stock futures are surging after weak jobs data and cooling Treasury yields. The US nonfarm payrolls report showed an increase of 29,000 jobs with unemployment rising to 4.2%, below estimates of 84,000 and 4.1%. Futures on the Dow Jones Industrial Average (DJI) are up over 420 points in response.

The 10-year Treasury yield is moving lower following this week's surge to 24-year highs, last seen at 5.18%. The tech sector is also performing well, with stocks like ON Semiconductor Corp (NYSE:ON) and Moderna Inc (NASDAQ:MRNA) gaining ground.

Nike Inc (NYSE:NKE) is down over 7% in premarket trading, extending its year-to-date losses to 44.9%. The company posted mixed fiscal first-quarter results, with a revenue miss and grim outlook weighing on shares.