Rising Treasury yields are ratcheting up the anxiety for equity investors. Thursday’s stock-market closure offered only a brief reprieve from the mounting tension.

"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.

The Labor Department reported Friday that 265,000 jobs were added to the U.S. economy in December, which was roughly 100,000 more than expected. The unemployment rate also fell to 4.1%. CBS News contributor Javier David explains why investors see the better-than-expected jobs report as a bad thing.

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

Surging bond yields have pulled the Nasdaq into negative territory for the month heading into today's December jobs report.

U.S. stock futures leaned lower Friday on concern over possible export restrictions on Nvidia, ahead of key data on the jobs market. Dow Jones Industrial Average futures fell 41 points, or 0.1%, to 42837. S&P 500 futures dropped 17 points, or 0.3%, to 5942.

Global stocks fell while U.S. Treasury yields rose on Friday after a stronger-than-expected jobs data reinforced expectations that the Federal Reserve will likely keep interest rates elevated for longer than traders were betting on.

Stock index futures reversed course and turned red on Friday, as investors braced for the key December jobs report.  S&P 500 futures (SPX) -0.1%, Nasdaq 100 futures (US100:IND) -0.1% and Dow futures (INDU) -0.