Routs in bonds and emerging-market assets intensified, while the dollar continued to strengthen as investors positioned for the wave of U.S. fiscal stimulus that President-elect Donald Trump has pledged to unleash.

U.S. stocks retreated, while the dollar advanced as investors assessed the potential implications of President-elect Donald Trump’s policy outlook. Crude oil fell.

The S&P 500 Index neared an all-time high, rising with the dollar as Treasuries fell after Federal Reserve Chair Janet Yellen signaled the central bank is close to raising interest rates.

The dollar fell from a five-month high versus the yen on concern the currency’s recent surge was too rapid and on speculation the U.S. government will view its strength as a threat to economic growth.

The dollar surged to the highest since February on bets that Donald Trump’s administration will ramp up spending, boosting economic growth and inflation and pushing the Federal Reserve to raise interest rates. Two of the world’s biggest currency-trading banks see more gains ahead.

The yen’s swoon after Donald Trump’s shock election win has turned the developed world’s strongest currency into its weakest performer. Macro Currency Group says it has also opened up an enticing buying opportunity.