Stocks fell on Monday, following crypto prices lower, as volatility continued into December’s trading month.
The Dow Jones Industrials opened lower 290.13 points to 47,426.19.
The S&P 500 Index ditched 37.73 points to 6,811.36.
The NASDAQ stumbled 146.98 points to 23,218.71.
The disruption could cause even more volatility, as Wall Street comes back from the Thanksgiving holiday for a shortened trading session on Friday.
Wall Street came back from the Thanksgiving holiday for a shortened trading session Friday.
Trading volumes the day after Thanksgiving are historically well below average, meaning moves — to the upside and the downside — could be more extreme.
Friday also marked the last trading day of November. A pullback in tech stocks have weighed on the major averages this month, as doubt swirled around the future profitability of AI companies.
Yet some investors are hopeful that this month’s slide will mean a year-end rally is in store for the major averages, as they step into buy stocks that have been unduly punished at more attractive valuations.
Broadcom ditched 3% and Super Micro Computer lost more than 2%, indicating more profit-taking in the artificial intelligence trade.
However, Synopsys shares popped after Nvidia announced an investment in the company. Nvidia shares rose around 1%.
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.
The 10-year Treasury slumped, raising yields to 4.08% from 4.02% on Friday. Treasury prices and yields move in opposite directions.
Oil prices climbed 95 cents to $59.50
Gold prices gained four dollars to $4,258.90.
