U.S. homebuilders rise as yields tumble after weak jobs report

** Shares of U.S. homebuilders rising and bucking broader selloff in equities on Fri in wake of soft payrolls report

** U.S. job growth slowed more than expected last month while June's data was revised sharply lower, signaling a deterioration in labor market conditions

** Odds that the Fed cuts interest rates by 25 basis points at its next meeting in Sept have risen to about 80%, according to the CME's FedWatch Tool, sending benchmark U.S. 10-year yield US10YT=RR tumbling to around 4.24%

** Falling yields can potentially lead to reduced mortgage rates, benefitting homebuilders by making homes more affordable, though economic uncertainty could weigh

** Shares of D.R. Horton DHI.N up 3.7%, while Pultegroup PHM.N and Lennar LEN.N both up nearly 3% vs 1.3% drop in S&P 500 .SPX

** S&P 1500 Homebuilding index .SPCOMHOME gaining >2%, PHLX Housing Index .HGX up about 1% on the session