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.

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.

The prospect of a second Donald Trump presidency has pushed the US share market and bitcoin to new record highs, while the Australian dollar has slumped and the ASX is on track to begin its day steady.