The major averages pulled back to start the week ahead of the Fed decision on interest rates on Wednesday. The Dow Jones Industrial Average fell 215 points, or 0.45%, to finish at 47,739. The S&P 500 fell 23 points or 0.35% while the Nasdaq fell 32 points.

Interest rates rose today as traders looked ahead to the last Federal Reserve policy meeting of the year. The 10-year Treasury yield rose 2 basis points to 4.16%. The 30-year Treasury yield rose 2 basis points to 4.81% while the 2-year Treasury yield also rose 2 basis points to 3.579%.

In the equiy market, the chips were higher on optimism Nvidia will be able to sell some of their chips in China. Micron was up 4% while Broadcom was higher by 2% as they may be picking up business from Microsoft. The dog of the day was Marvel down 6% on rumors they are losing business to Broadcom.

Outside the tech space, the markets were much weaker. Merger Monday with Warner Brothers Discovery up 4% as Paramount plus outbidding Neflix for now.

In the commodity space, oil fell 2% below $60 a barrel again. Gold and bitcoin were modestly lower.

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