"I think really the market is saying maybe no rate cuts in 2025, and that the 10-year could very easily break well above 5%," Jeremy Siegel said.

Yields for the 10-year Treasury shot up Friday to their highest level since 2023, putting pressure on stock valuations.

U.S. stocks are recoiling on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high.

Global stock markets were mixed on Thursday as Wall Street remained closed to honor the late former President Jimmy Carter. The U.S. stock market was closed Thursday in observance of a National Day of Mourning for Carter who died at the age of 100 late last month.