In the options market, a $1 million bet on the utility sector ETF (XLU) and a $4.4 million trade in SOFR futures suggest the bond sell-off may be nearing an end. The XLU options trade, placed on Thursday, indicates some traders believe the sector is done falling and that rates may have topped out. Separately, a large bond options trade at the Chicago Mercantile Exchange (CME) bets that short-term rates will reverse, with a floor trader noting significant call buying ahead of the upcoming jobs report after the 10-year yield surpassed 5.3%.