News and market highlights

The FAA issued a rare nationwide ground stop for all U.S. airports after communication issues hit multiple Air Route Traffic Control Centers, with inbound international flights handled case by case while technicians investigate, according to CNBC. It is only the third nationwide ground stop in U.S. history, following the 2001 terrorist attacks and a 2023 outage of a pilot alert system, according to CNN.

Senior White House officials are discussing whether Commerce Secretary Howard Lutnick should be pushed out amid scrutiny of Nvidia chip exports to China, according to The Japan Times, though a White House spokesperson said President Trump retains full confidence in him. Lawmakers from both parties have criticized the Commerce Department's handling of chip exports and a trade blacklist, and the Senate Banking Committee has asked him to appear.

The Fed held rates steady in October after raising its benchmark rate by a quarter point in September, while Chair Kevin Warsh declined to signal the committee's next move, according to AP. Policymakers meet Dec. 8-9, with the rate decision due at 2:00 PM ET on Dec. 9.