"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.

"Markets tried to front-run the Fed on the level of interest rates and are now paying the price," Jamie Cox of Harris Financial Group said.

The December jobs report showed a surprise surge in hiring and an unexpected drop in the unemployment rate. Taken together, the data strengthen the case for the Federal Reserve to maintain its current cautious stance toward lowering borrowing costs,