A Federal Reserve rate hike could interrupt the record highs reached in stocks since Donald Trump's presidential victory. That's the assessment from James Hughes, chief market analyst at GKFX, based in London. The markets are pricing in a 100.2 percent chance that the Fed announces a rate hike at its December meeting. Aside from the Fed, Hughes is watching the European Central Bank's December meeting. Should the ECB provide a weak outlook for 2017, that is another factor that could interrupt the rally in equities, according to Hughes. TheStreet's Scott Gamm reports from Wall Street.