March 5 Reuters Wall Street was set to open higher on Friday after data showed fasterthanexpected jobs growth in February, reinforcing bets on an economic rebound driven by massive fiscal stimulus and vaccination drives.

Nonfarm payrolls surged 379,000 jobs last month after rising 166,000 in January. Economists polled by Reuters had forecast February payrolls increasing by 182,000 jobs.

Benchmark 10year U.S. Treasury yields hit a new oneyear high of 1.626, with ratesensitive Bank of America Corp, Citigroup Inc, JPMorgan Chase Co, Goldman Sachs, Wells Fargo Co and Morgan Stanley jumping between 1.7 and 2.1 in premarket trading.

Federal Reserve Chair Jerome Powell on Thursday offered an optimistic view of the labor market, but cautioned a return to full employment this year was highly unlikely.

His comments disappointed investors who expected him to act on the recent spike in the U.S. 10year Treasury yield that has set the SP 500 and the Nasdaq on course for their third straight weekly decline.

Markets have reached a point where the reaction to the yield movements has gotten satiated with investors looking at the possibility that they might have oversold, said Art Hogan, chief market strategist at National Securities in New York.

The techheavy Nasdaq on Thursday slipped into negative territory on the year, ending just short of 10 from its Feb. 12 intraday record high that would confirm a correction.

At 849 a.m. ET, Dow Eminis were up 251 points, or 0.81, SP 500…