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.

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.

The Fed has two main objectives: maintain maximum employment and contain inflation. Although one single data point is never decisive, when inflation is high, the Fed generally raises interest rates to slow demand. When the unemployment rate is high, the Fed often lowers interest rates to stimulate consumer activity.