U.S. stocks fell in light trading on the penultimate day of a blockbuster year for markets. Treasuries and the dollar declined. The S&P 500 is still headed for its best year since 2013. —Josh Petri

Here are today’s top stories

President Donald Trump faces criticism from political opponents—and queasiness even among some supporters—for naming the alleged whistle-blower whose complaint triggered the congressional inquiry that resulted in his impeachment. 

The upcoming impeachment trial will be especially momentous for a small group of vulnerable senators whose 2020 re-election bids are central to determining control of the chamber.

A hypersonic nuclear missile that Russia says it has deployed is fueling concerns of a new arms race with the U.S.

Tesla handed over the first 15 Model 3 sedans assembled at its new multibillion-dollar plant near Shanghai. The company says the plant is already assembling more than 1,000 cars a week, and aims to double that rate over the next year.

After a bruising year, U.S. department stores and apparel retailers will seek to bounce back in 2020 the only way they can: Shrinking.

Bitcoin investors believe the world’s biggest cryptocurrency is in for material gains in 2020 due to a network quirk.

What’s Andy Mukherjee thinking about? The Bloomberg Opinion columnist says China's upcoming digital yuan is far more than just another cryptocurrency. It will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity. Get ready to say goodbye to banking as we know it, Mukherjee says.

What you’ll need to know tomorrow

• Here's what $10,000 in these assets would have returned in 2019.
• More hedge funds closed than launched for the fifth straight year.
• With births down, the U.S. had its slowest growth rate in a century.
• These will be the top jobs in the coming decade.
• The best beach in the world may be in Wales.
• A sprawling winter storm left 100,000 in the U.S. without power.
• Lexus is having a midlife crisis.

What you’ll want to read tonight

What Will Hong Kong Look Like in 2047?

What happens on July 1, 2047, when the "one country, two systems" agreement expires in Hong Kong? That question has fueled the dramatic protests that have raged for more than six months, turning one of Asia’s premier financial hubs into a battleground featuring tear gas volleys, petrol bombs, vandalism, road blocks and subway shutdowns. All of the unrest is really about Hong Kong’s future: Can the city retain its freedom of the press and assembly, its English common law legal system, its low tax rate and open markets? Up to now, this is what’s kept Hong Kong distinct from China. Whether it can stay that way is a bellwether for China’s rise—and how it will co-exist with the West.

Demonstrators during a protest in the Admiralty district of Hong Kong on Aug. 18, 2019.

Photographer: Justin Chin/Bloomberg

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