Stock futures are lower and bonds are getting crushed after the May employment report showed that the US economy added 280,000 jobs, a big beat, and the unemployment rate rose to 5.5%.

Near 9:10 a.m. ET, Dow futures were down 58 points, S&P 500 futures were down 8 points, and Nasdaq futures were down 10 points.

On Thursday, the Dow and the S&P 500 had their weakest day in four weeks, following a selloff in global bond markets.

Treasuries sold off sharply after the jobs report. The yield on the benchmark 10-year note jumped to a new year-to-date high above 2.4%. 

In an interview on Bloomberg radio, Janus Capital's Bill Gross said the jobs report implies a "bear market for long term bonds."

The dollar jumped more than 1%, with its index gaining to around 96.42. The yen hit about 125.60 vs the dollar, the highest level in around 13 years according to Bloomberg.

Gold slipped to a three-month low of around $1,166 per ounce, falling by about $9. 

The jobs report showed that wages rose faster than expected. Average hourly earnings climbed 0.3% month-over-month, and 2.3% year-over-year.

Yields are higher again, after bonds paused a selloff on Wednesday that was also seen across Europe. Here's a chart of the spike in the 10-year treasury yield on Friday morning:

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