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.

The post-election surge in U.S. stock markets lost momentum this week, with the S&P 500 down 2% amid investor uncertainty over economic policies under President-elect Donald J. Trump. This marks a sharp reversal from last week’s 4.7% gain, driven by election clarity, expectations of business-friendly policies, and a Federal Reserve rate cut.

U.S. stocks are ticking higher ahead of the Federal Reserve’s announcement coming later in the afternoon about what it will do with interest rates.

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.

In other dealings early Thursday, U.S. benchmark crude oil shed 37 cents to $68.06 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 29 cents to $71.99 per barrel.

The stock market has been riding high since Donald Trump won the presidential election. One main driver of that has been investors pricing in strong profit growth in the future, seen as a direct byproduct of Trump's plans to cut the corporate tax rate and loosen regulation.

U.S. stocks drifted lower Tuesday as momentum cooled for the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory. The S&P 500 slipped 0.3% a day after setting its latest all-time high.