Bonds and emerging markets fell on Monday.
US 10-year Treasury yields increased eight basis points to 2.24 percent. German, UK and Italian bonds also fell.
The MSCI Emerging Markets Index fell 1.1 percent.
However, the S&P 500 was little-changed while the STOXX Europe 600 rose 0.2 percent.
“Trump has introduced so much uncertainty -- around the fiscal outlook, the outlook for foreign demand for Treasuries given his protectionism and his views on China, uncertainty around the outlook for the Fed,” said John Davies, an interest-rate strategist at Standard Chartered.