The yield has risen 73.6 basis points over the past seven weeks, according to Dow Jones Market Data. On Friday, traders were considering whether the U.S. is moving into a period of higher-for-even-longer interest rates, fueled by continued economic strength and potential inflationary pressures.

Major averages slid Friday as Wall Street reassessed what's next for the Federal Reserve's rate-cutting cycle, driving stocks further into the red for the week following a massive advance fueled by Donald Trump's re-election as U.