Good morning. US equities began December on their back foot though still looked better than the NY Giants Special Teams last night. The S&P ended Monday down 0.5% while the Russell 2000 fell over 1%. A global rise in yields, triggered by hawkish commentary out of Japan, weighed on equites, and another sell-off across crypto further compounded the risk-off positioning. S&P futures are doing better today, pointing to a ~0.4% gain at the Open. News flow is pretty light. Two tech names that reported last night, CRDO and MDB, are up 15-20% in the pre-market. ASAN, BOX, CRWD, MRVL and PSTG report after the close, providing some more color on the tech/AI story. Tomorrow morning DLTR and M will report, providing important looks into the retail sector heading into the holidays. Treasury yields are on either side of unchanged following yesterday’s move higher. The US Dollar Index is up slightly, trading just below 100 and around its 200d ma. It’s a very light domestic calendar today. Commerce Secretary Lutnick confirmed that the US will lower tariffs on South Korean imports to 15% following the country’s advancement of legislation to implement $350 billion investments into the US. US Special Envoy Steve Witkoff and Jared Kushner, Trump’s son-in-law, will meet with Russian President Putin today. After another sell-off yesterday crypto is stabilizing with Bitcoin and ETH up ~1%. Vanguard will allow customers to trade crypto ETFs, ending a policy that stood out in the asset manager universe. Crude is slightly lower, pulling back after yesterday’s gains and ahead of today’s Russia-US meeting.

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