"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.

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.

When the December nonfarm payrolls report hit the tape, there was no question which way stocks would go at Friday's opening bell.