The S&P 500 has fallen below its closing level on November 5, effectively erasing the post-election rally that followed Donald Trump's election win. The index dropped to an intraday low of 5,773.31, which is below the election-day close of 5,782.76. This decline is attributed to investors' growing concerns over rising bond yields and the potential for higher inflation, influenced by Trump's tariff plans. The Federal Reserve's adjustment of its rate cut guidance in December has also contributed to the market's downturn, as it signaled fewer rate cuts than previously anticipated. The yield on the 10-year US Treasury reached 4.794%, its highest level since late 2023, further pressuring stocks. The market sentiment has turned more bearish, with over 37% of investors expressing pessimism about stock performance over the next six months.