FXStreet (Mumbai) - The yield on the 2-yr treasury note in the US rose to its highest since May 2010, while the major futures dropped after the super strong payrolls report increased the Fed rate hike bets. The 2-yr yield, which itself represents short-term rate hike expectations, rose to a high of 0.958%, before trimming gains to 0.914%; up more than 7 basis points on the day. The benchmark 10-yr treasury yield gained more than 7 basis points to 2.32%. Meanwhile, the stock futures have reacted negatively to the increased possibility of a rate hike in the US. The S&P 500 futures now trade 4 points or 0.20% lower. It remains to be seen if the equities cheer a strong Non-farm payrolls report; considering it as a sign of economic momentum or turn risk averse due to increased prospects of a rate hike. For more information, read our latest forex news.