U.S. stocks rose to a record Thursday as Wall Street regained some of the momentum that catapulted it to 57 all-time highs last year. The S&P 500 rose 0.5% to surpass its all-time high set early last month after coming close the day before.

The bond market may be sending a serious warning signal about the stock market. Even if that's the case, though, the signal would only be for the near term. Bond investors aren't so savvy that they know how bonds or stocks will perform over the next five to 10 years. Over the long term, stocks typically perform well.

Like Clinton before him, Trump now faces the prospect of bond vigilantes becoming a potent check on his policy agenda, according to several former U.S. and foreign policymakers who faced market turmoil while in office.