February's jobs report came in hotter than expected, with 311,000 jobs added. This marks 11 straight months of the labor market beating expectations, despite the Federal Reserve's attempts to slow down the market in order to beat inflation.
DON'T MISS: SVB Stock Halted Amid Multi-Billion Dollar Collapse, Shaking Bond-Laden US Financial Sector
And the revisions help to back up the hot reports. January's job revision came in at 504,000, only 13,000 fewer than originally reported.
"Surprisingly, the unemployment rate edged up to 3.6% with the average hourly earnings for all employees on private nonfarm payrolls increasing to 0.2% MoM and 4.6% YoY. Wages grew, but at a slower pace than January," said Jon Maier, chief investment officer at Global X.
"What does this all mean for rates? The Fed likely believes that the jobs market is too strong and will need to act accordingly, raising the possibility of a 50 bps rate hike. While this is still unlikely, the odds have risen," he continued.
Outside of the jobs report, SVB Financial Group is in focus as the bank's shares were in freefall on Friday after announcing on Wednesday that it would need to raise $2.25 billion in stock.
The bank said in a letter that it had, "...sold substantially all of our Available for Sale (AFS) securities portfolio with the intention of reinvesting the proceeds, and commenced an underwritten public offering."
The company said it needed to raise $1.75 billion in a share sale.
While not a household banking name, SVB is known for its deals within the venture capital space.
The panic following the letter and a subsequent phone call to clients from CEO Greg Becker has led some VC firms to pull their funds out of the bank, essentially causing a run. Other bank stocks, such as Signature Bank and First Republic have seen their shares tumble as investors reduce their exposure.
Billionaire Bill Ackman tweeted about the state of SVB and urged lawmakers to consider a bailout.
As of Friday morning, CNBC's David Faber was reporting that SVB's capital raise had failed and that it had hired Goldman Sachs to explore a sale, though the high deposit outflows are making it difficult for potential buyers to perform an assessment of the bank.
