Stocks slip, bond yields spike after a blowout jobs report

The Associated Press

Stocks are opening mostly lower on Wall Street and bond yields are jumping after a surge of hiring last month led investors to expect that the Federal Reserve will move quickly to hike interest rates higher in its effort to tame inflation. The S&P 500 slipped 0.1% in the early going. A big gain in Amazon after the company reported strong quarterly results helped buffer the losses. The yield on the 10-year Treasury note jumped to 1.90% and the yield on the two-year note, which more closely tracks expectations of Fed moves, snapped up to 1.28%. Crude oil prices rose 2.8%.