Jobs and the markets reaction

The Jobs report came out impressive by most accounts (wage growth being the only possible exception) which has shifted asset classes pre market that shows an interesting spin on sentiment. The dollar is up, Utilities down, Financials up, and bond yields increasing. This shows that there is more pricing in of a rate increase sooner rather than later (perhaps more skeptics having their bias proven false). What will be interesting to watch are stock in general as rate increases start to rise, bonds and the dollar seem to be moving in the right direction expecting the US to increase rates in an ever lower rates developed world but what the stock market does will be another factor to watch. With rates looking to go higher I would be concerned about any sustain downside that may creep into the Equity markets, especially ones that have foreign currency exposure. I would look to hedge to the downside with the purchase of a PUT in the S&P, writing covered calls is another options but may limit your hedge to a prolonged downside of a stock you may want to sell.