Stock futures are lower and bonds are getting smoked after the jobs report

Stock futures are lower and bonds are getting crushed after the May employment report showed that the US economy added 280,000 jobs, a big beat, and the unemployment rate rose to 5.5%.

Near 8:32 a.m. ET, Dow futures were down 170 points, S&P 500 futures were down 7 points, and Nasdaq futures were down 17 points.

On Thursday, the Dow and the S&P 500 had their weakest day in four weeks, following a selloff in global bond markets.

Treasuries sold off sharply. The yield on the benchmark 10-year note was up about 10 basis points at 2.4%.

In an interview on Bloomberg radio, Janus Capital's Bill Gross said the jobs report implies a "bear market for long term bonds."

Gold slipped to around $1,168 per ounce, falling by about $8. The dollar jumped more than 1%, with its index gaining to around 96.42.

The jobs report showed that wages rose faster than expected. Average hourly earnings climbed 0.3% month-over-month, and 2.3% year-over-year.