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 yield has risen 73.6 basis points over the past seven weeks, according to Dow Jones Market Data. On Friday, traders were considering whether the U.S. is moving into a period of higher-for-even-longer interest rates, fueled by continued economic strength and potential inflationary pressures.

Stocks turned lower in afternoon trading, and that pressure continued through Friday. The S&P 500 fell as much as 1.6%, and has now given back more than half of its torrid 4% post-election gain. The Nasdaq Composite dropped 2.7% at intraday lows.

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 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.