Stocks fell on Monday, following cryptocurrencies lower, as volatility continued into December’s trading month.
The Dow Jones Industrials closed Monday down 427.09 points to 47,289.33.
The S&P 500 Index ditched 36.46 points to 6,812.63.
The NASDAQ stumbled 89.76 points to 23,275.92.
Bitcoin, the flagship cryptocurrency, dropped around 6% to trade below $86,000, putting downward pressure on the stock market. It was bitcoin’s worst day since March.
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.
Crypto-related stocks including Coinbase and Strategy tumbled in Monday’s session.
Broadcom dumped more than 4% and Super Micro Computer lost more than 1%, indicating more profit-taking on some names in the artificial intelligence trade.
But Synopsys shares popped after Nvidia announced an investment in the company. Meanwhile, shares of Nvidia — the AI darling who has become a favorite of Wall Street and Main Street — rose more than 1%.
Outside tech, retailers such as Ulta and Walmart advanced as the holiday shopping season kicked into high gear.
The 10-year Treasury slumped, raising yields to 4.09% from 4.02% on Friday. Treasury prices and yields move in opposite directions.
Oil prices climbed 92 cents to $59.47
Gold prices hiked $16.10 to $4,271.
