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.

Indexes slipped as traders zeroed in on remarks from Fed Chair Jerome Powell, who said the central bank is in no hurry to cut rates amid a strong economy.

U.S. stocks dipped as Wall Street's post-election surge cools. The S&P 500 fell 0.6%, with Cisco and Tesla among the decliners. Meanwhile, Disney and Tapestry reported gains amid mixed global markets.