Bumpier December

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By Mike Dolan What matters in U.S. and global markets todayBy , Editor-At-Large, Finance and MarketsLast month showed that 'buy the dip' stock market behavior is alive and well, but Wall Street has yet to regain early November peaks and tariff angst is proving hard to shake. The final month of the year is off to a bumpy start. U.S. manufacturers registered an ongoing contraction of activity as input price growth turned higher again from already elevated levels, with tariffs widely blamed.ISM's November factory readout was enough to lift Treasury yields sharply across the curve on Monday and sowed a kernel of doubt about this month's widely expected Federal Reserve interest rate cut. A third Fed cut of the year on December 10 had been almost fully priced prior to the report, but the chances of a move have been pared back slightly to just over 80%.Fed policymakers are in their traditional quiet period ahead of the meeting, so no more public guidance is expected before then. But the ISM report re-introduced the tariff question.With the Supreme Court yet to rule on the legality of President Donald Trump's use of emergency powers to introduce the levies, retailers too were emphasizing the pressure.Costco became the latest firm to sue the U.S. government to ensure it will receive refunds if the Supreme Court rejects Trump's sweeping authority to impose those tariffs.The discomfort spread to stock and bond markets on Monday, with the S&P 500 falling back about 0.5% - irked additionally by the ongoing shakeout in crypto markets. Bitcoin lost more than 5% on Monday, relapsing back below $90,000 before steadying earlier today, and crypto stocks were hit too.Firmer crude oil prices also weighed after the weekend decision from OPEC+ to keep output levels unchanged early next year.But with Tuesday's calendar thin, world markets have calmed somewhat before today's bell. U.S. stock index futures crept back higher, with European stocks higher too. South Korea's Kospi benchmark outperformed again with gains of almost 2%.U.S. Commerce Secretary Howard Lutnick on Monday confirmed the general tariff rate on imports from South Korea, including on autos, would drop to 15% from last month because South Korea has introduced legislation in parliament to implement the country's strategic U.S. investment commitments.Japan's Nikkei also held the line after a heavy loss there on Mond...

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