A red-hot jobs report means that interest rate cuts aren't coming, and a hike could be next. Here's what strategists say is next for rates and stocks.

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.

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.

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.

Nvidia, AMD, and Broadcom sold off after the Biden Administration released new AI chip export rules late Friday.

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