A 6-sigma beat of expectations in non-farm payrolls has sparked chaos across asset classes this morning.

As Academy Securities' Peter Tchir commented: "What a “Weird” Report"

The headline number is shockingly good!

336k jobs created, PLUS 119k of upward revisions! Wow!

But things get a little weird from there:

The instant reaction was hawkish and rate-change expectations have shifted notably higher...

And treasury yields are surging - up around 10-15bps across the entire curve...

2Y bounced off close to 5.00%...

Equity futures immediately puked lower, led by Nasdaq...

The dollar is spiking...

...and gold is dumping again...

Will all this kneejerk action hold? Academy Securities' Peter Tchir is doubtful:

"Difficult to fight the algos which are going to drive yields higher based on the headline number, but expect, as the day goes on, for many in the markets to question the veracity of this report and for the early losses in bonds and stocks to be dramatically reduced, if not finish the day and the week in the green! "

Nothing would surprise us less.