The president-elect has said he would fire Securities and Exchange Commission Chair Gary Gensler on day one.

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.

Stocks hit all-time highs following early-morning news that former President Donald Trump is once again President-elect Donald Trump. US yields jumped and the dollar saw its best day since 2022 as investors cheered the Republican’s return to the presidency and the potential for what increasingly looks like his party’s control of both houses of Congress.