Wall Street retreats from records, US Treasury yields rise

Wall Street retreated from record highs on Monday, November 22, and shares of lenders rallied as two-year US Treasury yields rose after President Joe Biden tapped Jerome Powell to continue as Federal Reserve chair.The S&P 500 and Nasdaq Composite touched all-time highs before ending lower. The S&P 500 lost 0.32% to end at 4,682.88 points, while the Nasdaq Composite finished down 1.26%, at 15,854.76 amid losses in technology stocks.

French health authorities reported 5,266 daily new COVID-19 infections, pushing the seven-day moving average of new cases to an almost three-month high.High frequency data has already shown the European economy struggling to gain traction relative to its US counterpart.The euro fell 0.57% and touched the lowest in more than 16 months. The common currency has been the prime mover in markets over recent sessions as investors bet Europe's economy will lag the US recovery.

Fed Vice Chair Richard Clarida said last week that quickening the pace of tapering might be worth discussing at December's meeting. Minutes of the Fed's November meeting are due for release on Wednesday, November 24.

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