In the global markets today, there is a sense of relief as Monday's U.S. Treasuries sale of $109 billion was smoothly absorbed, easing concerns. However, the upward trend in oil prices, especially in anticipation of the postponed OPEC+ meeting this week, is preventing a further decline in yields.

Following Monday's auction, benchmark Treasury yields dropped over 10 basis points to 4.37%, reflecting a positive response to the influx of 2 and 5-year notes. The market is also eyeing another round of debt sales, with $39 billion of 7-year notes set for release later on Tuesday.

Investor attention is on November consumer confidence data, assessing the impact of "Black Friday" and "Cyber Monday" on both physical and online retail activities. Preliminary estimates suggest a potential record-breaking online spending of $12.4 billion on Cyber Monday.

While this robust consumption is viewed positively, there are concerns about increasing price discrimination, presenting a mixed blessing for Federal Reserve observers. The Fed, with investor confidence in rate cuts through H2 2024, sees top policymakers addressing the market on Tuesday.

Oil prices, influential in the recent inflation dynamics, are being closely monitored, despite a 20% retreat from recent highs. Traders are keenly awaiting signals of further output cuts at the postponed OPEC+ meeting on Thursday, amid rumors of internal disagreements.

Geopolitically, a truce between Israeli forces and Hamas fighters continues for a fifth morning, following the extension of a four-day ceasefire. The market sentiment is buoyed by the retreat in debt yields, easing economic data, and reduced geopolitical tensions, leading to a 3.8% decline in the dollar index this month. %%%%%%%%

Stock indexes, however, lack clear direction, with the S&P500 registering a modest loss on Monday, and futures remaining flat ahead of Tuesday's trading.

In Asia and Europe, market performances are mixed, with Hong Kong's Hang Seng experiencing a nearly 1% loss.

There is notable interest in new equity sales, as fashion company Shein confidentially files to go public in the United States, potentially becoming one of the most valuable China-founded companies listed in New York.

In other news, St. Louis Fed researchers estimate that the Federal Reserve will require nearly four more years to cover a historic operating loss and resume sending profits to the U.S. Treasury.

Key events later on Tuesday include the release of U.S. November consumer confidence data, various Fed speeches, communications from the European Central Bank, and Bank of England speeches. Additionally, the U.S. Treasury is set to sell 7-year notes and 12-month bills. Corporate earnings reports will be released by companies including Workday, Hewlett Packard, NetApp, Crowdstrike, Splunk, and others.