(Bloomberg) — Stocks posted small moves after last week’s retreat erased a big chunk of the equity-market gains since Donald Trump’s US election win, with traders looking to fresh pointers on growth and the path of interest rates.

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Europe’s Stoxx 600 was little changed, while contracts for the S&P 500 edged higher. The underlying index has given up more than half its post-election gains as the prospect of a more-hawkish Federal Reserve forced traders to dial down their enthusiasm for so-called Trump trades. Ten-year Treasury yields steadied after topping 4.5% for the first time since May last Friday.

Concerns are lingering about the President-elect’s potentially inflationary economic policies, with attention now on his pick for Treasury secretary. Friday’s upbeat US retail sales data reduced expectations for the Fed to cut interest rates.

“It should be a quieter week as the recent relentless wave of US macro and political news flow in theory slows down,” said Jim Reid, Deutsche Bank’s global head of macro and thematic research. “The main story on this front being on potential political appointments for the new Trump administration with Treasury secretary the one creating most interest.”

Longer-term, there are hopes that the stocks gains will resume. Morgan Stanley’s Mike Wilson, once considered a prominent bear on Wall Street, sees US equities benefiting from improving economic growth and further Fed interest-rate cuts in 2025. He predicts the S&P 500 will end next year up around 11% from Friday’s close.

Inflation, Nvidia

Eurozone and UK inflation readings on Tuesday and Wednesday, respectively, will help investors gauge the outlook for Bank of England and European Central Bank policy. A swathe of officials from the respective institutions are also due to speak. Nvidia Corp.’s results on Wednesday may test the sustainability of AI-led stock gains.

Asian shares struggled for direction after a policy-induced intraday rally in China lost steam, offsetting strong gains in heavyweight Samsung Electronics Co.

The resumed selling in Chinese stocks offers another reminder of the difficulties faced by Beijing to prop up the market in the absence of potent fiscal stimulus.

In currencies, the Bloomberg dollar index was largely steady after reaching a two-year high last week. Bitcoin recovered from its biggest two-day retreat since the US election in choppy trading that reflects shifting assessments of the impact of Trump’s policy agenda.

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