Yields on two-year Treasuries eased 2 basis points on the day to below 4.2%, which in turn took some sheen off the dollar. The U.S. currency is relatively flat so far this year against a basket of major currencies, having risen 7% in 2024.

Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google and YouTube parent company holding fast near the record levels achieved last week.

Cloud revenue in the quarter of $12 billion—a 30% increase from last year—just misses analysts’ estimates of $12.2 billion.