"We can't rule out 'higher for longer' making a comeback this winter," Yardeni Research said of the strong jobs report and recent jump in rates.

Markets were having a bit of a breather Monday morning after the big rally following the much better than expected jobs report.

Friday’s report capped a week of mostly encouraging data on the job market, including an update indicating layoffs remain relatively low. Such strength helps allay one of Wall Street’s top questions: whether the job market will continue to hold up after the Federal Reserve earlier kept interest rates at a two-decade high.

U.S. stocks are slipping as pressure rises from the bond market after Treasury yields hit their highest levels since the summer. The S&P 500 fell 0.3% in early Monday trading,