US stocks slid Friday as investors digested a better-than-expected jobs report that soured expectations of future rate cuts from the Federal Reserve. The Dow dropped by nearly 700 points, or 1.6%; while the S&P 500 fell by 1.

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

"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.