2025-12-02
43 分钟You're listening to The Exchange.
Here's today's show.
And welcome to The Exchange, everybody.
I'm Kelly Evans.
And after a rally that drove stocks at the S&P to its longest monthly win streak since 2021,
we're kicking off December lower.
The Russells, the small caps, the biggest loser you can see there, down half a percent.
Gold up, Bitcoin falling hard.
We're going to talk a lot about that in a moment.
and the AI trade like Scott just mentioned, struggling a little bit to find its footing.
One area of the market not following this narrative is yields which are rising today and that's where we want to start
because today's action is indicative,
something I've been thinking about while I was out.
While most of the focus has been on AI,
Probably the really most significant development is something else that you're seeing on your screen here.
The 10-year yield regularly dips below 4%.
We were at 4.8 back in February.
Talk about a crisis for the budget and the economy.
But to be down nearly a full point from that is a huge deal.
Maybe even a bigger deal, I'd argue, than AI in explaining the market's recent strong performance.