Bonds & Stocks
Stocks saw their first back-to-back losses of 2026 after an uneventful round of economic data and a batch of earnings from big banks, with geopolitical risks keeping a lid on the market while spurring gains in oil and gold. The S&P 500 extended its descent from a record, with a handful of megacaps leading the charge.
Economy
US retail sales rose in November by the most since July, fueled by a rebound in auto purchases and resilient holiday shopping. The value of retail purchases, not adjusted for inflation, increased 0.6% after a downwardly revised 0.1% drop in October, Commerce Department data showed Wednesday. Excluding cars, sales climbed 0.5%.
World
Donald Trump’s tariff war occupied US allies for much of last year. Now, President Xi Jinping is welcoming a procession of leaders looking to mend fences with the world’s other major economy. South Korea’s Lee Jae Myung kicked off the trend this month, cementing an improvement in ties by becoming his nation’s first president to visit China since 2019. Canada’s Mark Carney will follow suit when he arrives late Wednesday.