(Bloomberg) -- Stocks declined in the U.S., Europe and Asia as President-elect Joe Biden’s much-anticipated $1.9 trillion Covid-19 relief plan came under scrutiny. The dollar pushed higher and Treasury yields declined.The S&P 500 fell for a second day, with the energy and financial sectors leading the declines. Optimism about the U.S. aid package had helped spur the so-called reflation trade, but the plan is far from a done deal. Biden’s proposal could be watered down under congressional opposition, and there’s the possibility that some taxes could rise.“There’s just a realization that this is a starting point for negotiations -- there’s a little bit of a reality that this isn’t going to be a smooth quick process,” said John Porter, head of equities at Mellon Investments Corp.JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. all opened lower after reporting fourth-quarter earnings. Crude oil declined from a 10-month high as the dollar strengthened.Biden’s “American Rescue Plan” includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs as deaths reach record levels and local governments expand lockdowns.Attention is now turning to how much of the package will ultimately get passed by Congress, with the go-big price tag and the inclusion of proposals set to be opposed by many Republicans. As lawmakers wrangle over details, U.S. jobless claims published Thursday painted a dismal picture and the U.S. is leading all countries in virus deaths with New York state reporting more than 200 daily fatalities for the first time since May.“Biden’s big fiscal plans are out of the bag, and now the current dire situation is countering U.S. reflation hopes,” Antoine Bouvet, a senior rates strategist at ING Groep NV, wrote in a note. “It is unlikely going to get any better soon, given the currently slow rate of vaccine rollouts.”The 10-year Treasury yield backtracked from a nine-month high on Monday prompted by hopes of smooth passage of economic stimulus plans by Democrats in control of the White House and Congress.These 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.©2021 Bloomberg L.P.