Analysts at Wells Fargo pointed out this is the type of employee report they believe the Fed wants to see: job growth slowing in an orderly fashion, labor supply expanding, and wage growth that is edging closer to rates that are consistent with the central bank's 2% inflation target. They expected another rate hike by 25 bps in May, probably the last one.

Meanwhile, S&P500 futures have continued positive moves further, shown late Friday, on hopes that the Fed is approaching terminal rate quickly. The US Dollar Index (DXY) has shown a marginal correction but is managing to sustain above 102.00. Solidifying expectations of one more rate hike from the Fed pushed US Treasury yields higher. The yields offered on 10-year US government bonds jumped above 3.41%.