A down day on Wall Street.

Stocks falling again.

US yields remain elevated.

US yields remain elevated, set for the biggest weekly jump since early October, while European bond futures signal fresh declines after they sold off following a less dovish than expected ECB. Bonds slid even with European central banks lowering rates to shield economies against potential disruption from Donald Trump’s second term.

Chinese shares slumped as authorities left investors guessing on the specifics of a fiscal stimulus plan. The benchmark index snapped a two-week winning streak while bond yields plumb record lows on the promise of easier monetary policy.

Pimco and Fidelity are among investors who say the darkening economic outlook in Europe may force policymakers to cut interest rates more than the market expects.

Stocks tumble across Asia amid a lack of details about stimulus from a key policy meeting in Beijing. Bonds were happier, with China’s 10-year yield hitting a record low. South Korean stocks buck the trend as the country’s opposition filed a second impeachment motion against President Yoon.

Treasuries fell, and the yield curve steepened after data showed US wholesale inflation unexpectedly accelerated in November and applications for unemployment benefits rose last week. Demand for a 30-year auction was weak, and the dollar rose for a fifth session.

Bond traders eye US jobs data for clues.

Traders seeking support for bets that the Fed will cut interest rates this month will be watching the US jobs report at 8:30 a.m. in Washington. It’ll likely take a very strong reading to upend the view the Fed will cut by a quarter point.

The European Central Bank will cut interest rates more rapidly than previously thought to boost the economy — a quarter-point reduction next week and then at every policy meeting through June, a Bloomberg survey shows.

Chinese shares rally on optimism a key policy meeting next week will deliver fresh stimulus. Later today, the markets’ focus will be on US payrolls data forecast to show a rebound in hiring in November.

Trading turned subdued ahead of the November US non-farm payrolls report due on Friday, which is expected to show hiring bounced. The S&P 500 fell for the first time in five days after repeatedly closing at a record, while Treasury yields pared an ascent seen earlier in the US session.

Brent crude fell for a second day to trade around $72 per barrel after OPEC+ agreed for a third time to delay the revival of halted production, with oil demand faltering in China.