(Bloomberg) -- US equity futures dropped as the market gave back some of the gains chalked up after Donald Trump’s election as US president sparked a risk-on frenzy. US Treasuries advanced, recouping much of their post-election losses.

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Bonds got some relief after the Federal Reserve delivered a quarter-point interest-rate cut and left the door open for further easing next month. Before a 0.2% pullback in S&P 500 contracts, the US benchmark was on track for its best week in a year on the prospect of potential tax cuts and deregulation under Trump.

“To me, there is little alternative to the US,” said Marija Veitmane, a senior multi-asset strategist at State Street Global Markets. “The US is already the best performing equity market globally and we expect that outperformance to continue. US companies are the most profitable and likely to remain so, helped by the potential for lower taxes and less stringent regulation.”

US equity funds attracted $20 billion on Wednesday when Trump secured victory in the election, the biggest daily addition in five months, according to Bank of America Corp. strategists. US stock funds overall added $32.8 billion in the week through Nov. 6.

In China, stocks and the yuan declined after Beijing authorities announced a total 10 trillion yuan ($1.4 trillion) program to refinance local government debt, signaling investors weren’t impressed with the latest attempt to support the economy.

The disappointment reverberated across markets as European stocks swung from gains to losses, led by declines in China-sensitive sectors such as mining, luxury and autos. Oil extended declines while iron ore fell.

It “looks like it is just a debt swap, which is frankly not going to be that exciting for markets,” said Bernie Ahkong, global multi-strategy alpha chief investment officer at UBS O’Connor. “The big factor between now and the end of the year is if we are going to get some incremental stimulus from the consumer side.”

Friday’s moves follow a cross-asset rally on Thursday that was helped by Powell’s comments, which pointed to the strength of the US economy and said he doesn’t rule “out or in” a December rate cut. Powell added the election will have no effect on policy in the near term, and said he would not step aside if asked by Trump.

Following yesterday’s cut, traders are betting on 82 basis points of Fed easing by September 2025.