(Bloomberg) -- U.S. equities fell as concern over the outlook for stimulus talks helped to cool the economic reflation trade that has dominated financial markets. Treasury yields edged higher, while the dollar was little changed.The S&P 500 dropped from a record, led lower by the consumer discretionary, information technology and utilities sectors. The Nasdaq Composite fell further. Salesforce.com Inc. weighted on technology shares with analysts calling its purchase of Slack Technologies Inc. expensive.ADP Research Institute data showed payrolls increased by 307,000 during the month, the smallest advance since July. Pfizer Inc. climbed after its shot was cleared for deployment in the U.K. as soon as next week.“The rapid spread of the virus across the nation is making it harder to find employment this fall and this puts the entire economic recovery from recession in jeopardy if Congress can’t get it together and vote on a new stimulus package before the end of the year,” said Chris Rupkey, chief financial economist for MUFG Union Bank.Auto and travel shares dragged the Stoxx Europe 600 Index lower. Britain’s pound slumped after the European Union’s chief Brexit negotiator Michel Barnier reportedly told envoys the outcome of any deal is still too close to call.After vaccine breakthroughs fueled record monthly gains for global stocks, markets appear to have priced in an improved health outlook, and investors are turning some of their attention to bonds. One of the year’s biggest spikes in Treasury yields on Tuesday has spurred speculation about the potential impact of rising rates on stocks and corporate debt.“The question is how much is already priced in, and is the upside therefore limited?” Esty Dwek, head of global market strategy at Natixis Investment Managers Solutions, wrote in a report. “The outlook is one of improvement and leaving behind the chaos of the pandemic. Still, a number of risks remain.”Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin are facing a second day of questioning by lawmakers about government support for the U.S. economy.Congressional efforts to pass additional coronavirus relief in the U.S. crept ahead Tuesday as House Speaker Nancy Pelosi presented a fresh Democratic proposal and Senate Majority Leader Mitch McConnell floated a revision of his smaller plan to fellow Republicans.Elsewhere, the offshore yuan erased gains after President-elect Joe Biden told the New York Times he won’t soon remove tariffs on Chinese goods. Gold rose for a second day.Bitcoin hovered around $19,000 after nearly reaching $20,000 on Tuesday.These are some key events coming up:The Fed’s beige book survey is released later Wednesday.The U.S. employment report on Friday is expected to show more Americans headed back to work in November, though at a slower pace than October.German factory orders for October are due Friday.Here are some of the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.