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.

In that respect, in this election, Wall Street is a lot like a swing state. Trump’s promises to cut taxes and reduce regulation would be a boon for financial firms, and those promises have helped him rebuild the coalition of high-powered donors and financiers who supported him through his first term.