"The return of the bond market after a holiday on Monday was another factor in top-slicing share prices, as Treasury yields continued a rise which has been in place since September," Hunter added. The increase in implied borrowing costs comes as investors ...

Investors are assessing whether the post-election rally is about to stall and what Donald Trump's Cabinet picks mean for policy.

U.S. equity futures edged lower in early Wednesday trading, while Treasury yields moved higher and the dollar steadied, as investors looked to a key inflation reading that could accelerate repricing of the so-called 'Trump Trade' and test the market's solid post-election rally.

The five-day election rally sputtered on Tuesday as the market turned its attention toward incoming economic data. Some parts of the Trump trade maintained momentum, with crypto and FX traders cheering on the president-elect's policies.