NEW YORK (AP) 鈥� U.S. stocks drifted to a mixed close, as gains for tech stocks nudged the S&P 500 and the Nasdaq to more records. The S&P 500 eked out a gain of under 0.1% Tuesday, while the Nasdaq composite rose 0.4%. The Dow Jones Industrial Average fell 0.2%. Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. The value of the South Korean won sank against the dollar after its president declared martial law and then later said he鈥檒l lift it.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� U.S. stocks are drifting around their records on Tuesday as Wall Street's white-hot rally lets off the accelerator.
The S&P 500 was virtually flat in afternoon trading, a day after rising tech stocks helped it set an this year. It's climbed in nine of the last 10 days and is on track for one of its best years since the turn of the millennium.
The Dow Jones Industrial Average was down by 56 points, or 0.1%, with 45 minutes remaining in trading, while the Nasdaq composite added 0.2% to its own record set a day earlier.
AT&T rose 3.9% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027.
On the losing end of Wall Street was U.S. Steel, which fell 7.9%. President-elect reiterated on social media that he would not let Japan鈥檚 Nippon Steel take over the iconic Pennsylvania steelmaker.
announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also the acquisition.
Tesla s sank 2.1% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must The judge denied a request by attorneys for Musk and Tesla鈥檚 corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package.
In the bond market, Treasury yields held relatively steady after a report showed U.S. at the end of October than a month earlier. Continued strength there would raise optimism that the economy could keep avoiding a recession that many investors had earlier thought was inevitable.
The yield on the 10-year Treasury rose to 4.22 from 4.20% from late Monday.
Yields have seesawed since Election Day amid worries that Trump's preferences for and could spur along with economic growth. But traders are still confident the will at its next meeting in two weeks. They鈥檙e betting on a nearly three-in-four chance of that, according to data from CME Group.
Lower rates can help give the economy more juice, but they can also give inflation more fuel.
The key report this week that could guide the Fed鈥檚 next move will arrive on Friday. It鈥檚 the , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October.
Based on trading in the options market, Friday's jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital.
Since his victory, Trump has broadcasted his , including for goods .
Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications.
The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies to include many that make equipment used to make computer chips, chipmaking tools and software. The newly included in the so-called 鈥渆ntity list鈥� are nearly all based in China.
In financial markets abroad, the value of South Korea's currency fell 0.9% against the U.S. dollar following a frenetic night where and then later said he'd lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.3% drop for SK Telecom.
Japan鈥檚 Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump鈥檚 threats to raise tariffs on China and other countries.
Indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world鈥檚 second-largest economy.
In France, the CAC 40 rose 0.3% amid continued worries about , where the government is battling over the budget.
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AP Business Writers Yuri Kageyama and Matt Ott contributed.
Stan Choe, The Associated Press
