US stock futures rallied after a better-than-estimated jobs report indicated a sharp economic rebound from the coronavirus lockdowns. Treasuries and the dollar fell. S&P 500 contracts jumped more than 1 per cent as government data showed payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month. The unemployment rate fell for a second month to 11.1 per cent. Economists had forecast payrolls to rise by 3.23 million — the median in a range of 500,000 to 9 million — and an unemployment rate of 12.5 per cent. Treasury yields climbed, while the dollar fell among most major peers. Tesla soared in premarket trading after reporting deliveries that beat the average analyst estimate. The rebound in the US labor market accelerated as broader reopenings spurred more hiring last month, though filings for unemployment benefits remained elevated last week as coronavirus cases picked up. Massive monetary and fiscal policy stimulus have been unleashed to support the economy during the pandemic. US daily coronavirus cases topped 50,000 for the first time with increases in major states including Florida, Texas and California. The share of S&P 500 Index members with a 14-day relative strength index above 70 — seen by some traders as overbought -- is a little more than 1 per cent. That compares to 44 per cent at the start of June when the equity benchmark reached its highest of the pandemic era. Adding to the bull case: The index bounced off a key support level at 3,000 to start the week and remains above its 200-day moving average. Futures on the S&P 500 Index advanced 1.3 per cent as of 8:45am New York time. The Stoxx Europe 600 Index gained 1.5 per cent. The MSCI Asia Pacific Index gained 1.4 per cent. The Bloomberg Dollar Spot Index dipped 0.3 per cent. The euro gained 0.3 per cent to $1.129. The Japanese yen was little changed at 107.52 per dollar. The yield on 10-year Treasuries increased two basis points to 0.70 per cent. Germany’s 10-year yield decreased one basis point to -0.40 per cent. Britain’s 10-year yield advanced less than one basis point to 0.212 per cent. The Bloomberg Commodity Index climbed 0.4 per cent. West Texas Intermediate crude increased 1.2 per cent to $40.29 a barrel. Gold fell 0.3 per cent to $1,775.20 an ounce, the lowest in a week.