Global markets were generally lower overnight, while Wall Street traded in a range as shares of Amazon rose amid signs of robust spending by shoppers on Cyber Monday, the busiest online spending day of the year. In other news, the price of oil retreated amid concerns about the terms of the deal between OPEC and Russia to extend oil production cuts. OPEC ministers meet later this week.
As we touched on yesterday, looking forward we see interest rate moves by the Fed as critical to driving markets (as a “policy error” with rates rising too fast could cause a sell-off in markets). On this front, the US Senate Banking Committee holds a hearing on Tuesday to confirm the nomination of Jerome Powell to succeed Janet Yellen at the helm of the Federal Reserve, and his comments will be watched closely.
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