Yields on the 10-year Treasury note jumped to 2.7% on Friday morning after the stronger-than-expected jobs report, pulling down ETFs that invest in U.S. government bonds.

The immediate reaction to the June nonfarm payrolls report in ETFs tracking U.S. Treasuries, the dollar and gold suggests investors were positioning for the Federal Reserve to soon taper its bond purchases.

The iShares 20+ Year Treasury Bond (NYSEArca: TLT) was down about 2% in premarket action. Treasury yields and prices move in opposite directions. Yields on the 10-year note haven’t been at 2.7% since August 2011.

Meanwhile, PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) rose 1.5% and SPDR Gold Shares (NYSEArca: GLD) fell 2% before the bell.

The U.S. economy created 195,000 new jobs last month, more than economists had expected. Also, the Labor Department revised the April and May data higher.

In U.S. stocks, SPDR S&P 500 (NYSEArca: SPY) rose about 1% in premarket trading.