"The return of the bond market after a holiday on Monday was another factor in top-slicing share prices, as Treasury yields continued a rise which has been in place since September," Hunter added. The increase in implied borrowing costs comes as investors ...

U.S. equity futures edged lower in early Wednesday trading, while Treasury yields moved higher and the dollar steadied, as investors looked to a key inflation reading that could accelerate repricing of the so-called 'Trump Trade' and test the market's solid post-election rally.

Investors are assessing whether the post-election rally is about to stall and what Donald Trump's Cabinet picks mean for policy.

Still, the market indicates a 37.9% chance that the Federal Reserve will keep interest rates steady next month. Trump's policies are expected to have a potentially inflationary impact, and the market is debating whether interest rates will remain higher for longer as the Fed is again forced to confront rising prices.