Wall Street's major averages tumbled on Friday, as investors digested the hotter than expected jobs report.  Early on and the S&P 500 (SP500) was -1.3%, the Nasdaq Composite (COMP:IND) was -1.5%, and the Dow (DJI) was -1.

"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.

Ten-year Treasury yields were hovering just shy of their highest since last May, and the 30-year yield was close to its highest since November 2023, as investors continued to show concern that President-elect Trump’s import tariff and immigration plans may revive inflationary pressures.

Dow Jones showed steep losses on the stock market today as the major indexes sold off on a robust jobs report. Delta Air Lines hit a record.

The Nasdaq Composite increased 243.30 points or 1.2% to close at 19,864.98, also booking back-to-back gains. The tech-heavy index is up 2.9% year to date, its best start to a year since 2009, when it rose 4.8%.