10-year Treasury yield is little changed after stronger-than-expected October jobs report

U.S. Treasury yields jumped as investors assessed a stronger-than-expected jobs report. .

The benchmark 10-year Treasury yield rallied more than 6 basis points to 4.903%. The long-dated 30-year Treasury bond rose 5 basis points to 5.302%. Meanwhile, the 2-year Treasury note yield was up 6 basis points at 4.539%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Investors assessed the latest October non-farm payrolls report, which showed the U.S. economy added 165,000 jobs last month, while the unemployment rate dipped to 4.1%.

That's far better than the 59,000 jobs economists were anticipating last month, and for the unemployment rate to hold steady at 4.2%, according to Dow Jones. This comes after a weaker-than-expected jobs report in September, which saw 29,000 jobs added and the unemployment rate rise to 4.2%.

The outcome of the U.S. midterm elections dominated markets this week after the Democrats won control of both chambers of Congress. This has sparked some concern among investors about whether there will be a potential slowdown in data center construction.

Elsewhere, investors are digesting a selloff in artificial intelligence stocks on Thursday, which saw the Nasdaq, S&P 500, and Russell 2000 log their worst session since April 2025, per FactSet data. Additionally, the "Magnificent Seven" lost more than $1 trillion in aggregate market cap during the selloff.

— CNBC's Jeff Cox and Paulina Likos contributed to this report