Stocks fall to kick off December as tech stocks, bitcoin decline
Stocks fell on Monday, following crypto prices lower, as volatility continued following a choppy November.
The S&P 500 shed 0.6%, while the Nasdaq Composite lost 0.8%. The Dow Jones Industrial Average pulled back by 275 points, or 0.6%.
Nvidia and AMD lost more than 1%, while Broadcom shares dipped more than 3%, indicating more turmoil in the artificial intelligence trade. However, Synopsys shares surged after Nvidia announced an investment in the company.
Bitcoin, the flagship cryptocurrency, dropped more than 5% to trade below $87,000. The digital currency late last month fell below $90,000 for the first time since April and has since struggled to stay above that mark.
Wall Street is coming off a strong week. The Dow and S&P 500 jumped more than 3%, while the Nasdaq rallied close to 5%.
But the market turned turbulent and was anything but smooth sailing in November. The S&P 500 and Dow closed modestly above flat for the month, while the Nasdaq shed 1.5% to snap a seven-month advance. At one point in November, the tech-heavy Nasdaq was down nearly 8% from the October close amid concerns around AI stock valuations.
To be sure, seasonality is on Wall Street’s side as December trading begins. The S&P 500 averages an advance of more than 1% in December, making it the third-best month of the year for the benchmark in records going back to 1950, according to the Stock Trader’s Almanac.
Source : Cnbc.com
