Mon Dec 01 15:40:00 UTC 2025: Wall Street Stumbles as December Begins; Bitcoin Plunges
NEW YORK – U.S. stocks took a dive on Monday, the first trading day of December, threatening to derail the strong rally seen in late November. The tech sector led the decline, with the Nasdaq Composite falling around 1%. The S&P 500 dropped roughly 0.7%, and the Dow Jones Industrial Average slid approximately 0.6%.
The “Magnificent Seven” tech stocks, except for Amazon, experienced pullbacks. Nvidia, Meta, and Tesla saw declines of around 1%.
Bitcoin also faced a sharp drop, plummeting nearly 6% and temporarily falling below $85,000. The cryptocurrency rebounded later in the day, trading above that level.
Analysts are cautious about the possibility of a “Santa Claus rally” in December, citing lingering uncertainty due to factors like potential tariffs and a generally turbulent economic year.
Investor focus remains on the Federal Reserve’s upcoming interest rate decision, though expectations are high for a rate cut. Economic data releases this week, including manufacturing activity and the Personal Consumption Expenditures (PCE) index, will be closely watched.
Additionally, Wall Street is anticipating President Trump’s announcement of his nominee to replace current Fed Chair Jerome Powell.
On the consumer front, Cyber Monday is expected to generate a record $14.2 billion in spending, a 6.3% increase from last year. Consumers are increasingly using “buy now, pay later” options, with $1 billion expected to be spent using this method on Monday alone.
In other news, Barrick Mining Corporation is considering an IPO of its North American gold assets, and Nvidia invested $2 billion in Synopsys stock. Crypto-related stocks also suffered losses as the cryptocurrency sell-off intensified.
Treasury yields rose following a slide in Japanese debt, and oil prices increased due to a disruption at a key pipeline.
First Piper 