Market Volatility Ahead of Jobs Data: Bonds Drop, Stocks Drift

The world's largest bond market continues to decline while stocks remain relatively unchanged ahead of the release of the jobs report, which is expected to provide insight into the Federal Reserve's next moves. Traders are also awaiting earnings results from Apple and Amazon. Longer-dated Treasuries are on track for their worst week of the year due to signs of unexpected economic strength and concerns over a widening budget deficit. The S&P 500 hovers near 4,500, while Treasury 30-year yields continue to rise. The VIX, Wall Street's volatility gauge, is heading towards its highest level since May.