Closed-market developments span tokenization, Fed independence and AI credit hedging

U.S. markets were closed on Sunday, leaving QQQ and SPY at Friday's closing levels. The SEC allowed DTC to pilot stock-tokenization services. Twenty states sued over a federal H-1B visa-fee change. Kevin Hassett said presidential advice would not control Federal Reserve rate decisions. Technology-company CDS trading had risen 90% since September as investors hedged AI-linked debt risk. Apple's long-term DRAM supply agreements were reportedly nearing expiry, with procurement prices potentially rising next January. China reported November industrial production growth of 4.8% year over year, below the 5.0% estimate and 4.9% prior reading.