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.

The odds of a 25-basis-point rate cut fell to less than 60% shortly after Powell's comments, down from 80%, as calculated by the CME FedWatch Tool. The probability remained lower, around 58%, on Friday morning.

Ahead of the opening bell, the Bureau of Labor Statistics said the Producer Price Index (PPI), which measures what businesses are paying subscribers for goods, increased 0.2% month over month in October. Year over year, the headline PPI was up 2.4% – the quickest pace since July.

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.

Stocks finished lower on Thursday, with another afternoon selloff tied to a jump in Treasury bond yields, this time linked to hawkish comments from Fed Chair Jerome Powell. Speaki