NEW YORK, Dec 1 (Reuters) – Global shares fell and U.S. Treasury yields rose on Monday as investors took a breather following five straight sessions of gains and ahead of key economic data that could support bets on Federal Reserve interest rate cuts.
Equities on Wall Street finished lower, with utilities, healthcare and industrial stocks leading losses. Energy stocks were the top gainers as Brent crude prices settled up more than 1%.
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“The bull argument, both technically and fundamentally, is as strong as it has been in some time, while the bears are reliant on AI and valuation scepticism,” said Nationwide Chief Market Strategist Mark Hackett.
U.S. Treasury yields rose across the board. The yield on benchmark U.S. 10-year notes rose 7.3 basis points to 4.092%. The 2-year note yield, which typically moves in step with Fed rate expectations, rose 4.3 basis points to 3.535%.
Item 1 of 2 Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2025. REUTERS/Brendan McDermid
“The modest pullback today would not be unexpected, but it’s more of a pressure release valve following the rally than a sign of stress,” Hackett added.
The Japanese yen strengthened 0.47% against the greenback to 155.45 per dollar. The euro was up 0.13% at $1.161.
The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.04% to 99.40.
“The rate cut expectations have jumped up significantly in the past couple of weeks, although much of it is priced for next week,” said Wasif Latif, chief investment officer at Samarya Partners. “Today’s drop could be a combination of a deleveraging from crypto and risk assets tied to the facts that the rate cuts are priced and people are taking some profits.”
Reporting by Chibuike Oguh in New York; Editing by Jan Harvey and Matthew Lewis
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