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 stock market's "Trump bump" that followed his victory over Vice President Kamala Harris in last week's election appears to be coming to an end. On Friday, the market dropped to its lowest point since the election,

U.S. stocks tumbled Friday as the "Trump bump" that Wall Street got from last week's presidential election, along with a cut to interest rates by the Federal Reserve, kept fading.

Indexes slipped as traders zeroed in on remarks from Fed Chair Jerome Powell, who said the central bank is in no hurry to cut rates amid a strong economy.

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.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.