NEW YORK — Stocks are opening slightly lower and Treasury yields are rising sharply after the government released a surprisingly hot jobs report, suggesting that markets may have to wait even longer for interest rate cuts from the Federal Reserve. The S&P 500 fell 0.3% early Friday. The Dow Jones Industrial Average slipped 84 points, and the Nasdaq composite fell 0.4%. The yield on the 10-year Treasury jumped to 4.41%.
Vail Resorts tumbled 6.7% after the ski resort operator missed Wall Street's profit and sales targets as demand for its multi-resort Epic Pass softened. The jobs data coming Friday will likely be considered by Fed officials when it meets next week to decide on interest rates, but most experts are predicting that the U.S. central bank will leave its benchmark rate alone for the seventh straight time.