Hang on, it will likely be a volatile day today.

Mortgage bond prices opened lower in volatile trade following the release of the jobs report.

In news released this morning, the unemployment rate stood at 8.5% and non-farm payrolls fell 663K. Analysts were expecting unemployment to stand at 8.5% and for the loss of 658,000 jobs. Following the ADP payroll report on Wednesday, which showed a job loss or almost 750,000, traders were braced for a much worse report. Bond traders don’t like to be surprised.

Traders will spend the morning mulling over the data as the wait for stocks to begin trade at 9:30 am ET.