Stock futures tumbled after a much hotter-than-expected jobs report sent yields spiking as it likely means the Federal Reserve will halt its rate-cutting campaign. S&P 500 futures shed 0.9% while Nasdaq-100 futures dropped nearly 1%. Futures tied to the Dow Jones Industrial Average dipped 318 points, or 0.7%. Wall Street soured on the latest nonfarm payrolls reading, which showed job growth came out much stronger than anticipated. U.S. payrolls grew by 256,000 in December, while economists polled by Dow Jones expect to see an increase of 155,000. The unemployment rate, which was projected to remain at 4.2%, fell to 4.1% during the month. The yield on the 10-year Treasury note spiked to highest level since late 2023 after the report. “Good news for the economy but not for the markets, at least for now,” senior global market strategist Scott Wren said. “However, this unexpected gain relative to the consensus projection does not change our view that the labor market is likely to decelerate further in coming quarters.” Earlier this week, the Institute for Supply Management’s services index showed an acceleration in growth in the U.S. services industry in December as well as a rise in prices, which intensified concerns about stickier inflation. Further, private sector companies added fewer jobs than expected last month, according to payroll service provider ADP. The market does not expect a rate cut from the central bank at its next meeting later this month, with fed funds futures trading data pricing in only about a 7% chance of a quarter-point cut, according to the CME FedWatch tool. All three of the major averages are on track for weekly losses, with the S&P 500 off 0.4% and the Nasdaq Composite down 0.7%. The 30-stock Dow is on pace for a 0.2% decline on the week. The New York Stock Exchange was closed on Thursday to take part in a national day of mourning for late former President Jimmy Carter. U.S. Treasury yields jumped to their highest level since November 2023 after the latest jobs data came in stronger than economists had forecasted. The 10-year Treasury yield added nearly 10 basis points at 4.778%. The 2-year Treasury surged around 12 basis points at 4.377%. Asia-Pacific markets mostly fell Friday, with investors assessing November pay and household spending out from Japan. Hong Kong’s Hang Seng index lost 0.95% in its final hour of trade, after initially posting gains, while mainland China’s CSI 300 was down 1.25% to close at 3,723.48, its lowest level since September 2024 and leading losses in Asia. Japan’s Nikkei 225 fell 1.05% and closed at 39,190.4, marking a third straight day of losses. Heavyweight Fast Retailing lost as much as 7.83% despite posting strong first-quarter results. The broad-based Topix saw a smaller loss of 0.8%, finishing at 2,714.12. South Korea’s Kospi fell 0.24% and closed at 2,515.78, snapping a five-day winning streak. The small-cap Kosdaq was down 0.78% to 717.89, also breaking seven straight days of gains. Australia’s S&P/ASX 200 slipped 0.42% to 8,294.1, after being in positive territory earlier in the session. Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia and Iran. Brent crude futures gained $2.23, or 2.9%, to $79.15 a barrel, reaching the highest level in three months. U.S. West Texas Intermediate crude futures advanced $2.19, or 2.96%, to $76.11. Over the three weeks to Jan. 10, Brent has climbed by more than 8% while WTI has jumped more than 9%. Gold prices scaled a four-week peak on Friday and were set for their best week in seven, driven by safe-haven demand amid uncertainties over President-elect Donald Trump’s policies and a stronger-than-expected U.S. jobs report. Spot gold climbed 0.4% to $2,679.79 per ounce, after hitting its highest level since Dec. 13. Prices have risen by more than 1% this week. U.S. gold futures rose 0.4% to $2,702.30.