A U.S. stock rally fueled by Donald Trump’s election victory is stumbling, as investors contend with everything from renewed inflation worries to uncertainty over the impact of the president-elect's policies.

The S&P 500 is now around 1% lower than the level it traded in the wake of Trump's election win on November 6.

The stock market rally takes a breather. Now it’s at the mercy of the bond market as investors weigh Donald Trump’s economic plans and what they mean for interest rates.