US equity futures jump after nonfarm payrolls; Nasdaq futures up 0.95%

The cross-asset reaction matters more than the headline equity move: a weaker dollar against the yen alongside a sharp front-end Treasury rally suggests markets read the payrolls print as softening rate expectations rather than as pure growth optimism. That distinction shapes how durable the equity bid is, since cyclicals and rate-sensitive sectors can diverge quickly if the data is reinterpreted. The open question is whether the front-end yield drop holds or fades once the initial positioning unwind passes.