Wealth Creation

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U.S. stocks were little changed from last night's record close in early Tuesday trading, while currency and bond markets held steady, as investors looked to a series of labor market releases over the coming days to define the Federal Reserve's interest rate path.

Updated at 9:36 AM EST

Mixed open

The S&P 500 was marked 2 points lower, or 0.02% higher in the opening minutes of trading, while the Nasdaq slipped 30 points, or 0.15%.

The Dow was up 35 points while the mid-cap Russell 2000 edged 1 point, or 0.04% into the green.

Updated at 9:00 AM EST

Martial law

South Korea's won fell to the lowest level against the dollar in more than two years Tuesday after President Yoon Suk Yeol declared martial law during a nationally televised address he said was justified by opposition Democratic Party moves to impeach him.

Yoon said move would allow him to “eradicate pro-North Korean forces and protect the constitutional democratic order.” South Korea hasn't had a martial law declaration since the country's infamous Coup d'etat in 1979.

The won was last marked more than 1% lower against the greenback following the surprise address, and was last seen trading at around 1,420 per dollar.

Updated at 8:27 AM EST

Cyber spendthrifts

Adobe Analytics said Cyber Monday spending rose 7.3% from last year to a record $13.3 billion, and expects online holiday sales to rise past $240 billion over the five weeks ending on December 31.

The group had earlier reported that online spending on Black Friday rose 10.2% from last year to a record $10.8 billion.

Related: Inflation won't stop shoppers on Black Friday this year

Updated at 7:14 AM EST

Steely resolve

U.S. Steel ( X ) shares tumbled in early trading after President-elect Donald Trump vowed to block the group's $15 billion takeover by Japan's Nippon Steel.

Trump posted on his Truth Social network last night that he is "totally against the once great and powerful U.S. Steel being bought by a foreign company", which was first unveiled in December of last year.

The takeover has since been referred to the Committee on Foreign Investment in the U.S. by President Joe Biden, which is expected to issue a report this month.

U.S. Steel shares were marked 8.5% lower in premarket trading to indicate an opening bell price of $37.49.

Stock Market Today

Stocks ended higher on Monday, with both the S&P 500 and the Nasdaq reaching fresh all-time highs, as markets continued their post-election rally powered by bets on business-friendly policies, resilient economic growth and a dovish Federal Reserve.

At least two legs of that bull market stool will be tested this week, however, with three key job market readings over the next three days leading into Friday's crucial November employment report.

A stronger labor market, tied with data showing record consumer spending and travel over the Black Friday weekend, could renew concerns that the Fed will need a longer time frame to bring inflation back to its preferred 2% target, pushing interest rate cuts further into next year.

Fed Gov. Christopher Waller told an event in Washington last night that "policy is still restrictive enough that an additional cut at our next meeting will not dramatically change the stance of monetary policy, " while New York Fed President John Williams suggested more data monitoring was needed before the next move can be determined.

Fed Chair Powell is likely to address those concerns when he speaks at the New York Times DealBook Summit on Wednesday, as are the slate of Fed officials due to speak over the coming days and into the central bank's Dec. 18 rate decision.

Related: What's next for stocks after S&P 500 record high?

The CME Group's FedWatch pegs the odds of a December cut at around 72.5% but has trimmed bets on 2025 reductions from four to around two and a half as inflation pressures continue to linger.

Benchmark 2-year Treasury note yields, the most-sensitive to interest rate moves, were last marked at a 4.184% heading into the start of the Tuesday trading session, with 10-year notes trading at 4.219%.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.11% lower at 106.331.

On Wall Street, stocks are set for a muted open ahead of job openings data at 10 a.m. U.S. Eastern Time, with futures contracts tied to the S&P 500 priced for a 3-point opening bell gain.

Futures linked to the Dow Jones Industrial Average, meanwhile, suggest a 10-point dip while those tied to the tech-focused Nasdaq suggest a 23-point slip.

More Wall Street Analysts:

In Europe, stocks were higher in the midday session, with the Stoxx 600 benchmark rising 0.46%. The focus remains on markets in France amid a vote of no confidence for the government of Prime Minister Michel Barnier and President Emmanuel Macron, which is expected later today.

Overnight in Asia, Japan's Nikkei 225 closed at a three-week high, with tech stocks leading the advance, while the regional MSCI ex-Japan benchmark rose 1.12% into the close of trading.

Related: Veteran fund manager sees world of pain coming for stocks