The U.S. stock market will be closed on Monday in observance of Martin Luther King Jr. Day, so equity traders won't be able to immediately react to what President-elect Donald Trump says in his inaugural address. The bond market will also be closed.

"I think really the market is saying maybe no rate cuts in 2025, and that the 10-year could very easily break well above 5%," Jeremy Siegel said.

The S&P 500 and Nasdaq have both felt pressure as shares of major tech companies came under pressure Monday. Investors continue to keep a close eye on rising Treasury yields, which heighten worries about valuations, particularly for some of the market's most highly valued names.