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

U.S. job growth unexpectedly accelerated in December while the unemployment rate fell to 4.1% as the labor market ended the year on a solid footing, reinforcing views that the Federal Reserve would keep interest rates unchanged this month.

That doesn't suggest that there's weakness in the economy, nor does the unemployment rate number 3.9%. So that's average hourly or excuse me, the unemployment rate number down to 4.1% from 4.2%, 3.9 would have been pretty amazing.

Global stocks fell while U.S. Treasury yields rose on Friday after a stronger-than-expected jobs data reinforced expectations that the Federal Reserve will likely keep interest rates elevated for longer than traders were betting on.