The "Trump rally" in stocks could be running out.

"If we were to get some notion that tax cuts might take longer to push through or that there would be some sort of political fighting back and forth on how deductions would be handled -- any sort of political delay would be the main red flag," said Paul Christopher, head global market strategist at Wells Fargo Investment Institute.

The post-election rally has been fueled by hopes for tax cuts and increased spending on infrastructure. The Dow Jones Industrial Average closed at record highs successively on Thursday, Friday, Monday and Tuesday. The blue chip index is up roughly 1.5% since last Wednesday, when U.S. markets first had a chance to react to Trump's victory.

While stocks are rising, government bond yields have been also been on the upswing. The 10-year Treasury yield is hovering near its highest level in almost a year. Bond yields and prices move inversely, so that means bond prices are down.

One of the main reasons for the surge in yields is that investors expect inflation to rise, especially given Trump's anti-trade rhetoric.

"If you start imposing trade restrictions -- if you start bringing production back to this country -- it raises costs of production and raises inflation," Christopher said.

Higher inflation means investors need more yield. And the income from bonds may not be enough. So investors are flocking to riskier, yet hopefully more rewarding, stocks.

Trump has said he intends to upgrade the nation's infrastructure. That spending, coupled with tax cuts, could widen the deficit and add more inflation, Christopher said.

"The one thing that the markets seem sure about on this rally is that you're going to get more inflation," Christopher added.