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.

Nvidia Corp's results in the coming week could guide the U.S. stock market on its next path, as investors turn their focus to the technology sector and artificial intelligence trade after an election-fueled rally stalled.