Benchmark 10-year U.S. Treasury notes last traded up 2/32 in price to yield 2.31 percent in afternoon trading Monday, while the yield on Spanish 10-year government bonds was last at 1.98 percent.

Gundlach, who also correctly predicted in 2012 that Apple shares would fall to $425, said he liked electric carmaker Tesla despite its "high valuation" and reiterated that oil prices could drop to $70. He said the price could drop on increased production.

Tesla shares last traded up 1.44 percent at $246.28, while U.S. crude was last down 0.22 percent at $76.34 per barrel.

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