Many on Wall Street expected Tuesday’s election would be the final obstacle standing in the way of a stock-market melt-up heading into the end of the year. But rising Treasury yields are increasingly a concern.

U.S. stocks drifted lower Monday ahead of a momentous week full of potential flashpoints in Washington, D.C., and around the world. The S&P 500 slipped 0.3%, though it remains near its record set last month.

Stock markets made huge moves on Wednesday morning. Futures tied to indexes moved as much as 6 percent and individual stocks by as much as 37 percent.