Friday's selloff in U.S. government debt, spawned by the White House's confirmation of tariffs on Mexico, Canada, and China starting Saturday, sent yields to their highest closing levels in a week.

Solid results from Apple are buoying spirits, as investors brace for PCE inflation and weigh Trump's renewed tariff threat.

The Fed's preferred inflation gauge, the personal consumption and expenditures index, rose 0.3% from November and 2.6% on an annual basis.