Bonds & Stocks
Big tech weighed on US stocks as traders locked in profits after a strong rally in the artificial-intelligence trade. Defense shares jumped as President Donald Trump signaled plans to ramp up military spending. The Nasdaq 100 slid 0.3% at the open to end a three-day advance. The S&P 500 was 0.09% lower.
Economy
US labor productivity accelerated in the third quarter to the strongest pace in two years, adding to evidence that efficiency gains are suppressing inflationary pressures from wages. Productivity, or nonfarm employee output per hour, soared at a 4.9% annualized rate after an upwardly revised 4.1% advance in the second quarter.
World
China plans to approve some imports of Nvidia Corp.’s H200 chips as soon as this quarter, according to people familiar with the situation, giving the company renewed access to a critical market. Chinese officials are preparing to allow local companies to buy the component from Nvidia for select commercial use.