US stocks slid on Monday, while bitcoin's (BTC-USD) slump deepened as Wall Street's strong late-November rebound took a rockier turn to begin December.

The Nasdaq Composite (^IXIC) dropped 0.4%, while the S&P 500 (^GSPC) fell around 0.5%. The Dow Jones Industrial Average (^DJI) slid around 0.9%, or over 400 points, after the blue-chip benchmark led Wall Street indexes to a fifth day of gains on Friday.

Some of Wall Street's biggest names bucked the negative trend. AI chip heavyweight Nvidia (NVDA) fell at the open before reversing course and ultimately gaining over 1%. Apple (AAPL) stock rose over 1.5%, closing at a record.

But bitcoin fell sharply, losing over 7% in another sign that markets are kicking December off in a risk-off mood. The leading cryptocurrency dipped below $85,000 a token, extending a weeks-long slide.

December is typically a strong month for stocks, but strategists say the so-called Santa Claus rally may not happen this year after a string of events — not least President Trump's tariff push — kept uncertainty high. That has led stocks to buck the usual seasonal trends throughout 2025.

Focus is still on the Federal Reserve's path for interest rates, even as over 85% of bets ride on a quarter-point reduction at policymakers' meeting next week. The Thanksgiving week rally was fueled in large part by rising hopes for a cut and lower borrowing costs, on the back of supportive comments from Fed officials. But the central bank has now entered a blackout ahead of its gathering.

That puts the spotlight on economic data to set expectations for rates, as releases continue to return to normal following the government shutdown. The highlight comes Friday, with the delayed arrival of September's Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation gauge.

Wall Street is also bracing for a potential change of leadership at the Fed, after a year of Trump butting heads with Fed Chair Jerome Powell. Trump said Sunday he has made his choice for replacing Powell. Trump didn't give a name, though White House economic adviser Kevin Hassett is seen as the most likely candidate.

Stocks slid to kick off the first trading day of December.

The tech-heavy Nasdaq Composite (^IXIC) fell about 0.4%, while the S&P 500 (^GSPC) also slipped 0.5%, The blue chip-loaded Dow Jones Industrial Average (^DJI) shed about 0.9%.

Bitcoin (BTC-USD) tumbled roughly 7% to hover around $86,000, casting doubt on a year-end rally despite growing prospects of a Federal Reserve interest rate cut. Gold (GC=F) and silver (SI=F) prices, however, jumped.

Meanwhile, Apple (AAPL) stock rose to close at a new all-time high.

Gold (GC=F) and silver (SI=F) prices jumped on Monday as investors flocked to precious metals amid growing market bets on a December rate cut by the Federal Reserve and rising concerns that a surge in the Japanese yen could wreak havoc on markets.

Gold futures rose above $4,270 per troy ounce after closing out their fourth straight month of gains and bringing the yellow metal back within shouting distance of its October record high of $4,336.

Gold is now up more than 60% year to date, far outperforming the S&P 500 (^GSPC) and leaping ahead of bitcoin (BTC-USD), which on Monday sat roughly 9% lower than its price at the start of the year.

Read more here.

A favorable backdrop should further support US equities, said UBS analysts on Monday.

“We have highlighted that stocks historically performed best when the economy is not in recession and the Fed is cutting interest rates,\\" Ulrike Hoffmann-Burchardi, CIO Americas and Global Head of Equities, UBS Global Wealth Management, said in a note on Monday.

The strategist noted the \\"latest set of economic data has underscored the favorable environment we are currently in.\\"

The market-implied probability of a December rate cut has climbed to over 87%, from below 40% just over a week ago.

Apple (AAPL) stock rose 0.8% on Monday afternoon, hitting an intraday high of $281.21 per share.

The world's second-largest company by market cap, valued at over $4 trillion, was one of the few \\"Magnificent Seven\\" names in the green on Monday. Nvidia (NVDA) and Amazon (AMZN) also rose, up 1% and 0.5%, respectively, while the rest of the Magnificent Seven names fell, led by retreats in Alphabet (GOOG, GOOGL) and Meta (META).

Shares of the iPhone maker are still lagging the S&P 500 (^GSPC) year to date, yielding a 12% gain for the year compared to the S&P's 15% gain.

Yahoo Finance's Allie Canal reports:

RBC Capital Markets has become the latest Wall Street firm to signal confidence in US stocks, establishing a new 12-month price target for the S&P 500 (^GSPC) at 7,750.

RBC did not specify a prior 12-month price target as the firm has shifted to a rolling 12-month framework rather than a traditional year-end forecast.

The call, made by RBC's head of US equity strategist Lori Calvasina, suggests the benchmark index could rise nearly 14% over the coming year, underscoring a growing chorus of analysts calling for another leg higher in the bull market.

The forecast is also among the more bullish on the Street, not far from the 8,000 year-end 2026 call issued by Deutsche Bank and in line with several firms expecting fresh highs.

Read more here.

Nvidia (NVDA) stock staged a comeback during Monday's trading sessions after the company announced a $2 billion investment in Synopsys (SNPS) and following bullish comments by CEO Jensen Huang on demand in China.

Shares in the company, which were down over 1% in early trading, rose by about 1.5% in the afternoon. The stock moved into the green shortly after CEO Jensen Huang remarked on global demand in an interview with CNBC.

\\"I would like everybody to just assume that China is a bonus opportunity in the future,\\" Huang told CNBC's \\"Squawk on the Street\\" on Monday. \\"At the moment, ... demand is really skyrocketing. and over the next couple of years, we’ve got a lot of demand we have to go serve. And if China comes along, which I believe is going to be in the best interest of the United States, as well as China and the rest of the world, that’s going to be a huge bonus opportunity for us.\\"

Huang also weighed in on the company's expanded partnership with Synopsys to roll out engineering solutions focused on AI.

\\"This is a huge deal,\\" Huang said. \\"The partnership we’re announcing today is about revolutionizing one of the most compute-intensive industries in the world, design and engineering.\\"

The US manufacturing sector contracted for the ninth straight month in November, according to data released Monday by the Institute for Supply Management.

The Manufacturing PMI registered at 48.2 for November, against a reading of 48.7 in October, as the Trump administration's tariff policies continued to roil a sector that imports a large amount of materials. Readings below 50 indicate a contraction, while those above 50 indicate an expansion.

The industrials sector, which has risen healthily on the year, fell by around 1.6% over the past month.

\\"At any given point, trade with our international partners is clouded and difficult. Suppliers are finding more and more errors when attempting to export to the U.S. — before I even have the opportunity to import,\\" one respondent to the ISM's monthly survey said.

\\"Conditions are more trying than during the coronavirus pandemic in terms of supply chain uncertainty.\\"

Index readings for new orders, employment, supplier deliveries, and backlog of orders fell in the month, dragging the overall rating down even as other metrics such as production, prices, and imports expanded.

The ISM noted that raw materials, including aluminum, copper, natural gas, and a basket of critical minerals, among others, have all gotten more expensive on the month, while electrical components and rare earth metals remain in short supply.

Labor was also noted as being in short supply.

\\"Business conditions remain soft as a result of higher costs from tariffs, the government shutdown, and increased global uncertainty,\\" another survey respondent said.

Yahoo Finance's Pras Subramanian reports:

Short seller Michael Burry just took a swipe at another richly valued stock: Tesla (TSLA).

Burry, who rose to fame shorting the housing market during the 2008 financial crisis, dubbed the EV maker as \\"ridiculously overvalued\\" in a Substack post on Sunday. Business Insider was first to report on Burry's latest missive.

His post took aim at the \\"tragic algebra\\" of stock-based compensation, and Tesla was an example. Tesla dilutes its stock by 3.6% a year, he said, and offers no buybacks.

\\"Tesla's market capitalization is ridiculously overvalued today and has been for a good long time,\\" Burry said, adding that CEO Elon Musk's $1 trillion dollar pay package will dilute Tesla stock even further. Last month, Tesla shareholders approved the controversial pay package at its shareholder meeting.

Read more here

Bitcoin (BTC-USD) tumbled more than 7% on Monday, along with crypto-related stocks, casting doubt on a year-end rally despite growing prospects of a Federal Reserve interest rate cut.

The world's largest cryptocurrency fell from around $91,000 on Friday to $84,000 on Monday, over concerns that Japan could raise interest rates. This sparked fears that investors who had borrowed cheap Japanese yen to buy assets like US stocks and bitcoin might rush to reverse those trades and sell cryptocurrencies and equities.

The last time this unwind happened in August 2024, bitcoin plunged 18% in a few days, noted Nic Puckrin, investment analyst and co-founder of The Coin Bureau.

\\"Now that history is repeating itself, it’s wise to prepare for more volatility,\\" said Puckrin, highlighting that the sharp drop last year was followed by a recovery and new highs.

Still, bitcoin exchange-traded funds (ETFs) posted their second-worst month, with $3.5 billion in outflows. The token is now down more than 30% from its October all-time high above $126,000, and it recently failed to break past the $92,000 level.

\\"While conditions can shift quickly, a sustained rally still appears unlikely in the near term, especially before year-end. But 2026 may present a very different setup,\\" said a 10X Research client note on Monday.

Bernstein analysts noted they are \\"still looking for clear signs for bitcoin to bottom out.\\"

The token's \\"price action suggests weak market sentiment, which has impacted digital asset equities,\\" wrote analyst Gautam Chhugani in a note on Monday morning.

Crypto-related stocks like Strategy (MSTR) sank 10%, while trading platform Coinbase (COIN) dropped by 5% and Robinhood (HOOD) slid 4%.

Consumers are expected to spend a record $14.2 billion on Cyber Monday, up 6.3% from last year, per Adobe (ADBE) Analytics.

As consumer confidence hit its lowest since April and shoppers worry about the labor market, they're seeking out mostly pricer goods like electronics, apparel, and furniture on the final day of a deal-filled weekend.

Adobe said consumers are expected to turn to buy now, pay later payment methods to take advantage of the deals. Today alone, Adobe predicts that consumers will spend $1 billion using the flexible payment method. That would be the largest single day on record.

As shoppers look to score last-minute deals, they're expected to spend the most between 8 p.m. and 10 p.m. ET Monday. The expectation is that $16 million will be spent every minute.

This comes after a record cyber weekend. On Saturday and Sunday, consumers spent a record $11.8 billion online combined. On Friday, Americans spent that much in one day alone, up 9.1% year over year.

Plus, retailers like Walmart (WMT) and Target (TGT) have been ramping up their AI capabilities as consumers use AI this holiday season to cross compare deals, get gift ideas, and research products. Compared to a year ago, AI traffic to US retail sites is up 770% from Nov. 1 to Nov. 30.

The major US stock gauges slid on Monday, putting Wall Street's strong late-November rebound on track to hit a speed bump on the first trading day of December.

The tech-heavy Nasdaq Composite (^IXIC) led the way down, losing around 1% at the open before paring losses. Meanwhile, the generalist S&P 500 (^GSPC) gave up around 0.6%, and the blue chip-loaded Dow Jones Industrial Average (^DJI) shed 0.4%.

Most of the \\"Magnificent Seven\\" megacap stocks pulled back, with Meta (META) losing over 1%, and Alphabet (GOOG) giving up nearly as much.

Bitcoin continued to fall, plummeting nearly 6% to below $85,000 a token to extend a weeks-long slide, before rebounding to recross the $86,000 mark.

Barrick Mining Corporation (B) said Monday that it's exploring an IPO of its North American gold assets, sending shares of the Canadian miner up 3% ahead of the opening bell.

Barrick said it would maintain a significant controlling interest in the new company should it spin off its subsidiary as a publicly traded entity.

The new company would control Barrick’s interests in Nevada Gold Mines and the Pueblo Viejo mine in the Dominican Republic, which are both joint ventures with Newmont (NEM), as well as Barrick’s wholly owned Fourmile gold discovery in Nevada. Newmont stock also rose in premarket trading.

The announcement comes after activist investor Elliott Investment Management reportedly built a sizable stake in the company in November and pushed for a breakup. In September, Mark Hill took over as Barrick's CEO, as rising costs in its North American mines and the company remained locked in a dispute with Mali's government.

Nvidia (NVDA) announced Monday that it invested $2 billion in Synopsys (SNPS) stock to deepen the companies' partnership.

Nvidia shares fell 1.5% in premarket trading as a risk-off mood swept markets, while Synopsys stock jumped over 7% on the news. If that holds through the day, Synopsys is on track to wipe away about half of its year-to-date losses.

Synopsys, which designs tools and offers services to companies, is partnering with Nvidia on engineering and marketing activities, including compute-intensive applications, advanced agentic AI engineering, and joint go-to-market initiatives, according to a press release.

Nvidia paid $414.79 per share for Synopsys's common stock. The AI titan is coming off a rough November, with shares down 11% over the past month. Year to date, however, Nvidia stock has returned 31%.

Crypto stocks took a hit in premarket trading on Monday as a sell-off in cryptocurrencies gained steam.

Strategy (MSTR), which helped pioneer the bitcoin treasury model for businesses, declined by over 5%. Year to date, the Michael Saylor-led firm is down 38%. Meanwhile, Coinbase (COIN) dropped by 5%, and Robinhood (HOOD) slid 4%.

The stocks fell in sympathy with cryptocurrencies, which sold off across the board.

Bitcoin (BTC-USD) fell more than 6% and briefly traded below $85,000. Ether (ETH-USD) shed nearly 7% to trade around $2,800 per token. Ripple's XRP (XRP-USD) dropped 7% to around $2.

Selling accelerated in the early morning hours after the DeFi platform Yearn Finance said it experienced an \\"incident\\" in its yETH LST stableswap pool. Yearn posted on X that the hack led to a $9 million loss.

Bloomberg reports:

Treasurys started the post-Thanksgiving week on the back foot as a slide in Japanese debt spilled over into bond markets globally.

The yield on US 10-year notes (^TNX) rose three basis points to 4.04%, following a jump in the Japanese equivalent to the highest since 2008 on the prospect of a Bank of Japan interest-rate hike later this month. That also pushed up rates on bonds from Europe to New Zealand.

Japan’s two-year borrowing costs — among the most sensitive to changes in monetary policy — climbed above 1% for the first time in 17 years. The move was fueled by BOJ Governor Kazuo Ueda talking up the prospects for a rate hike, leading money markets to lift the chance of a move on Dec. 19 to around 80%, from less than 25% one week ago.

Traders in US debt remain sensitive to BOJ policy given its control of the spigot on the flow of Japanese yen liquidity globally. Higher rates in Japan may entice domestic investors to keep more funds in local government bonds, instead of higher-yielding assets overseas such as Treasuries.

Read more here.

Economic data: S&P Global US manufacturing PMI (November final reading); ISM manufacturing (November)

Earnings: Credo Technology Group (CRDO), MongoDB (MDB), New Fortress Energy (NFE)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

Chanos warns of debt risks tied to Nvidia AI chips

'I don't know if we'll get that Santa rally'

US, UK set to seal deal on zero-rate pharma tariffs

Trump says he's made his Fed chair pick to replace Powell

Bitcoin plunges to below $86,000 in risk-off start to December

Silver jumps 2% to record high as roaring rally outpaces gold

SoftBank founder: 'I was crying to sell Nvidia shares'

Treasurys fall as Japan sell-off ripples through bond markets

Yahoo Finance's Jake Conley takes a look at the key events for markets this week.

He reports:

The final month of the year gets underway on Monday, and investors will be looking for a smoother month to round out the year after choppy November trading saw the Nasdaq Composite (^IXIC) snap a seven-month winning streak while the S&P 500 (^GSPC) moved back to within 1% of a record high.

... In the week ahead, investor focus will remain on the odds of a rate cut at the Federal Reserve's December meeting, with traders currently predicting an 86.9% chance of a quarter-point cut. The Fed entered its mandatory blackout period on Saturday, marking the start of a quiet week and a half before the Federal Open Market Committee meets on Dec. 9-10.

Reports this past week also suggested that the Trump administration is getting closer to landing on a candidate to succeed Jerome Powell as chair of the Fed, with Kevin Hassett, director of the National Economic Council, appearing to have emerged as the frontrunner for the nomination.

The economic calendar will continue a slow normalization after the 43-day US government shutdown threw data collection into chaos, with private reports on US manufacturing activity, service sector activity, and ADP's monthly private payrolls report featured.

On the corporate earnings side, bargain retailers Dollar Tree (DLTR), Dollar General (DG), and Five Below (FIVE) are all reporting, while Salesforce (CRM) and CrowdStrike (CRWD) will feature from the tech industry.

Read more here.

South Korea's largest e-retailer Coupang Inc. (CPNG) stock fell 8% in premarket trading on Monday following a massive data leak. This latest break caps what is set to be a record year for online leaks in the country, highlighting weaknesses in Seoul’s cyber defenses.

New Fortress Energy (NFE) stock soared 22% before the bell on Monday. The liquefied natural gas supplier, which has faced questions over its rising debt, had a contract approved with Puerto Rico regulators late Friday.

Strategy (MSTR) stock fell 4% during premarket trading on Monday. The software company, which is one of the largest investors of bitcoin has suffered due to the crypto selloff.

Silver (SI=F) jumped nearly 2% to a fresh all-time peak on Monday as traders eyed tight supply and optimism for a US interest rate cut in December.

The metal was trading above $58 an ounce, having surged almost 6% on Friday to a record high.

Bloomberg reports:

[Silver] has climbed for six consecutive days and doubled in value this year, outpacing a roughly 60% rally in gold (GC=F).

A record amount of the metal flowed into London in October to ease a historic squeeze in the world’s biggest silver trading hub, but this has put other centers under pressure. Inventories in warehouses linked to the Shanghai Futures Exchange recently hit their lowest in nearly a decade, and the cost of borrowing the metal over one month remains elevated.

Both metals have also got a boost from increased expectations that the Federal Reserve will cut interest rates in December. .... The release of economic data delayed by the US government’s six-week shutdown has also supported the case for lower borrowing costs, which typically benefit non-yielding precious metals.

Read more here.

Yahoo Finance's Allie Canal reports:

The Santa Claus rally is usually one of Wall Street’s favorite holiday traditions. Stocks tend to grind higher after Thanksgiving, volatility fades, and December often delivers one of the strongest months of the year.

This year, strategists say, Santa may not show up.

“None [of the months this year] have behaved the way they have seasonally,\\" Amy Wu Silverman, head of derivatives strategy at RBC Capital Markets, told Yahoo Finance.

And there are plenty of reasons why. The year has offered reminder after reminder that this isn’t a normal market cycle: The DeepSeek meltdown in February; President Trump’s surprise tariff announcement in April; and months of hand-wringing over AI valuations.

Those helped create a roller-coaster ride for investors that pushed stocks to record highs, before volatility resurfaced again in recent weeks.

This has been a year when the traditional playbook hasn’t worked because the rules of the game are changing in real time. AI has introduced a level of disruption and uncertainty that strategists say is fundamentally different from anything in the past decade.

Read more here.