Stocks scarcely moved in a holiday-shortened day, while Treasuries sank, indicating that this month's run in global bonds is coming to an end.
The S&P 500 was little changed at 1 p.m. in New York, marking its fourth straight week of gains. Wall Street's "fear gauge," the VIX, fell to 12.46, the lowest since January of 2020. Cryptocurrency-linked stocks rallied as Bitcoin recovered. Nvidia fell on news that the company had informed customers in China that the launch of an artificial-intelligence chip would be delayed. Ten-year US yields approached 4.5%.
In economic news, employment at US service providers and manufacturers fell in November for the first time since mid-2020 due to sluggish demand and rising prices, according to an S&P Global poll.