Bonds & Stocks
A rally that drove stocks to a series of all-time highs showed signs of fatigue, with traders awaiting this week’s readings on the labor market and a slew of Federal Reserve speakers. The S&P 500 was little changed. The NASDAQ 100 fell 0.3%. The Dow Jones Industrial Average rose 0.2%. Treasury 10-year yields slid one basis point to 4.18%.
Economy
Three Federal Reserve officials on Monday made clear they expect the US central bank to continue cutting interest rates over the next year, but stopped short of saying they are committed to making the next reduction later this month. Fed Governor Christopher Waller, addressing a conference in Washington, said he’s inclined to vote to lower borrowing costs when Fed officials gather Dec. 17-18, but added that data due before then could make the case for holding rates steady.
World
South Korean President Yoon Suk Yeol declared martial law on Tuesday in an emergency national address televised live. Yoon said the decision was made to protect freedom and constitutional order, as he accused the opposition of trying to paralyze the administration with impeachment moves.