Raise then hold

A rally in stocks fizzled after two US Federal Reserve officials signaled that interest rates could top 5%, throwing some cold water on traders who were envisioning a peak below that mark. The S&P 500 failed to stay above the key 3,900 level, erasing an advance that reached almost 1.5% earlier in the session. The Dow Jones Industrial Average underperformed while the Nasdaq 100 remained higher with Tesla surging by about 6%. Fed Bank of San Francisco President Mary Daly said she expects the central bank to raise rates to somewhere over 5% while her Atlanta counterpart Raphael Bostic noted that policymakers should hike above 5% by early in the second quarter, and then go on hold for “a long time.” Here’s your markets wrap. —Natasha Solo-Lyons

After weeks of stories foretelling the cuts, Goldman Sachs is embarking on one of its biggest rounds of firings ever as it locks in on a plan to terminate about 3,200 positions this week, with the bank’s leadership going deeper than rivals to jettison employees.

Russia’s flagship oil is selling at less than half international prices—and way below a Group of Seven imposed cap—following sanctions targeting the Kremlin’s revenue from petroleum sales. The nation’s Urals grade, a far bigger export stream than any other crude that Russia sells, was $37.80 a barrel at the Baltic Sea port of Primorsk on Friday.

Ken Griffin’s Citadel, fresh off a banner year, is sketching out plans for a massive new Manhattan tower that will give his financial empire a concentrated New York footprint alongside Wall Street’s biggest firms.

Jair Bolsonaro has reportedly been admitted to a US hospital with abdominal pain a day after followers of the far-right former president stormed Brazil’s capital. They demanded the military overthrow the democratic election of President Luiz Inácio Lula da Silva. Now 1,500 of them have been detained.

Parts of a deposition Donald Trump gave in a lawsuit by a woman who alleged he raped her were ordered unsealed by a federal judge. US District Judge Lewis Kaplan issued the order Monday in the suit by E. Jean Carroll, a New York columnist who sued the former president for defamation in 2019 after he publicly denied her claim.

The special grand jury in Georgia investigating Trump’s effort to reverse his 2020 defeat at the hands of Joe Biden has finished its work, according to a court order issued Monday. Prosecutors must now decide whether its conclusions warrant empaneling another grand jury to hear evidence on whether Trump should be indicted.

A federal agency says a ban on gas stoves is on the table amid rising concern about harmful indoor air pollutants emitted by the appliances. The US Consumer Product Safety Commission plans to take action to address the pollution, which can cause health and respiratory problems.

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

And you already thought it was difficult to get a reservation at Noma. The Copenhagen restaurant, one of the world’s most famous and a top destination for food tourism, has given notice that it will permanently close its doors to regular service. The good news for fine-dining groupies: The closing won’t come until the end of 2024.

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