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{{ad('main')}} Here is what you need to know. - The 'Trump Trade' has finally evaporated entirely. The ratio between more growth-sensitive cyclical stocks (industrials) and their defensive counterparts (utilities) has all but erased its post-2016 election gains, leaving an uncertain future for the stock market.
- Legendary investor Paul Tudor Jones says the Fed won't hike rates in 2019. "I don't think they're going to hike in 2019," Jones, the founder of Tudor Investment, told CNBC in an interview on Monday, adding that commodities were a leading indicator the Federal Reserve should be watching.
- Google's CEO testifies before Congress. Google CEO Sundar Pichai will answer questions before the House Judiciary Committee following accusations that Google's search results have a political bias against Republicans.
- Mark Zuckerberg reached out to Microsoft's Brad Smith — and that's bad news for Sheryl Sandburg. Facebook CEO Mark Zuckerberg contacted Microsoft's president and chief legal officer, Brad Smith, for advice, according to The Information, and that should be a cause for concern for COO Sheryl Sandburg because that's basically her job.
- The owner of MoviePass is getting ready to ask shareholders to support its CEO and approve his pay. Helios & Matheson has scheduled a shareholder meeting for December 27, during which it will ask shareholders to vote on its directors, approve its chosen auditor, and weigh in on CEO Ted Farnsworth's compensation.
- Elon Musk accuses CBS of 'very misleading edit.' Tesla's CEO has asked CBS to release a full transcript of his answer to a question about the electric-car maker's new chair, Robyn Denholm, in which he was asked whether her job was to keep an eye on him "like a babysitter."
- Tesla is crushing the stock market — even as traders are betting big against it. Shares of the electric-car maker have rallied 45% since putting in their 2018 low in October despite traders having a short bet of nearly $10.4 billion. The S&P 500 is down 8% over that time.
- Stock markets around the world are higher. Australia's ASX (+0.57%) led the overnight gains, and Germany's DAX (+1.57%) is out front in Europe. The S&P 500 is up 0.65% at 2,655.
- Earnings reports trickle out. American Eagle and Dave & Buster's report after markets close.
- US economic data is light. The producer price index will be released at 8:30 a.m. ET. The US 10-year yield is up 3 basis points at 2.88%.
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