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The last full trading week of 2025 started with stocks, bonds and the dollar wavering as Wall Street geared up for key economic data that will help shape the Federal Reserve rate outlook.

On the eve of the jobs report, the S&P 500 closed mildly lower. A renewed tech slide saw Broadcom Inc. posting its worst three-day plunge since 2020. Oracle Corp. extended its multi-session selloff to about 17%. A rout in cryptocurrencies also kept a lid on riskier assets.

Treasury two-year yields edged down amid bets the Fed will cut rates twice next year to support the job market even as inflation shows signs of stickiness. The dollar barely budged, but closed at the lowest since October.

Following the Fed’s latest decision to slash rates, the November jobs report — due on Tuesday — is expected to show a sluggish labor market. The reading will also include an estimate of October payrolls — figures that were delayed by the federal shutdown. 

• Today's show features:
  Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on the week ahead in economic data and global central bank activity 
• Meghan Robson, Head of US Credit Strategy for BNP Paribas, on the credit market outlook for 2026 and market jitters over tech sector capital spending
• Sally Librera, President, National Grid New York, on the state’s energy infrastructure and the creation of energy demand as a result of data center projects
• Bloomberg News Chief Wall Street Correspondent Sri Natarajan on McKinsey & Co. plotting a wide swath of layoffs

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