At the Open: U.S. equity futures built on pre-market gains and Treasury yields jumped as markets parsed a much stronger-than-expected January payrolls report.

U.S. hiring doubled consensus estimates as American companies added 130,000 payrolls last month, versus forecasts for a 65,000 increase, while the unemployment rate ticked lower to 4.3%, according to Bureau of Labor Statistics data released this morning. The cyclical equity rotation got some more oxygen following the report as small-cap futures outperformed their large-cap peers, while shorter-dated Treasury yields were pressured higher as traders dialed back hopes of a deeper rate-cutting cycle. The dollar strengthened. \#JobsReport \#dollar [www.FerventWM.com](https://www.FerventWM.com)