CNBC Daily Open: What rate cut?

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

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Stocks manage to rally
Stocks in the U.S. closed out a losing week after the Dow Jones Industrial Average suffered its worst session in over a year on Thursday. But traders managed to brush off a sharp jump in yields on Friday after a stronger-than-expected jobs report. The S&P 500 gained 1.1% during the session, while the Dow climbed 307 points, or 0.8%. The tech-heavy Nasdaq Composite rose 1.24%. Meanwhile, oil prices rallied to five month highs and notched a weekly gain. U.S. crude was up 4.5% for the week while Brent added 4.2%.

Yields spike
The big market move was in the bond markets where yields suddenly climbed after the closely watched nonfarm payrolls data for March. The 10-year Treasury yield jumped 9 basis points to 4.4%, briefly touching a new 2024 high of 4.429%. The 2-year Treasury yield also rose by 10.9 basis points at 4.75%. Yields and prices move in opposite directions.

Hot jobs report
The U.S. nonfarm payrolls numbers showed job creation in March easily topped market expectations. They increased by 303,000 for the month, well above the Dow Jones estimate for a rise of 200,000. The unemployment rate edged lower to 3.8%, as expected. Parsing through the numbers, many market watchers noted that the blockbuster report would be yet another reason for the Fed to take its time, after a flurry of policymakers had this week begun speaking more conservatively about