Stocks and bonds declined in response to much better-than-expected job growth. This week's consumer inflation (CPI) report could further pressure yields.

"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.

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.

Wall Street stocks slumped and the dollar climbed on Friday as a robust US jobs report dimmed hopes of further interest rate cuts.