Bonds & Stocks
Stocks edged lower after hitting overbought levels in a rally that sent the market toward one of its biggest meltups over the last 100 years. The S&P 500 pulled back after notching a four-week advance. Wall Street’s “fear gauge” — the VIX — halted a slide that drove the equityvolatility gauge to its lowest since 2020. Cryptocurrency-linked shares dropped as Bitcoin slid. Traders will keep a close eye on retailers as Cyber Monday kicked off.
Economy
The Federal Reserve’s preferred underlying inflation measure will be slower to recede, which should keep interest rates higher for longer, according to Bloomberg’s latest survey of economists. Forecasters marked up their projections for the annual so-called core personal consumption expenditures index largely through the end of next year, per the results of the November survey.
World
Israel is coming under increasing pressure to agree to an extension of a four-day pause in its war with Hamas. US President Joe Biden said he wants to prolong the cease-fire in the devastating war, which has killed thousands of people since it erupted seven weeks ago and inflamed tensions in the Middle East and beyond. The halt in fighting — part of a deal for Hamas to free hostages held in Gaza and Israel to release Palestinian prisoners — is due to end on Tuesday morning.