The S&P 500 hit a record high on Thursday after U.S. President Donald Trump said he would push for lower interest rates, providing a fillip to stock markets amid investor caution about his next moves on trade.

President-elect Trump and Republican majorities in Congress are planning to pursue an ambitious tax cut plan, but some GOP lawmakers warn rising bond yields could dampen those efforts.

After two years of progress on inflation and surprisingly persistent economic growth, the Federal Reserve next week meets with one eye on new Trump administration policies and another on a bond market that has ratcheted up borrowing costs even as U.