{"id":417634,"date":"2025-12-01T17:14:19","date_gmt":"2025-12-01T17:14:19","guid":{"rendered":"https:\/\/www.europesays.com\/us\/417634\/"},"modified":"2025-12-01T17:14:19","modified_gmt":"2025-12-01T17:14:19","slug":"tumbling-crypto-threatens-end-to-wall-streets-5-day-winning-streak","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/417634\/","title":{"rendered":"Tumbling crypto threatens end to Wall Street’s 5-day winning streak"},"content":{"rendered":"

By STAN CHOE, AP Business Writer<\/strong><\/p>\n

NEW YORK (AP) \u2014 U.S. stocks are giving back some of\u00a0last week\u2019s rally<\/a>\u00a0on Monday as bitcoin falls again.<\/p>\n

The S&P 500 slipped 0.3% and was on track to break a five-day winning streak. The Dow Jones Industrial Average was down 225 points, or 0.4%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.<\/p>\n

Last week\u2019s rally was\u00a0largely due to rising hopes<\/a>\u00a0that the\u00a0Federal Reserve will cut<\/a>\u00a0its main interest rate next week to help shore up\u00a0the slowing job market<\/a>. Such hopes are still high, with traders betting on a nearly 88% chance the Fed will cut at its next meeting, according to data from CME Group.<\/p>\n

But yields for longer-term Treasurys nevertheless rose in the bond market Monday. It was part of a worldwide climb for yields after the head of the Bank of Japan hinted at a possible hike to interest rates there.<\/p>\n

When bonds are paying higher yields, they can attract investors who otherwise would buy stocks or cryptocurrencies. Higher yields undercut prices for all kinds of investments, particularly those seen as the most expensive.<\/p>\n

Bitcoin, which was soaring around $125,000 in October, dropped below $86,000. That\u2019s down more roughly 7% from a day earlier.<\/p>\n

That in turn sent stocks lower across the crypto industry. Coinbase Global sank 5.8%, and Robinhood Markets fell 5.5%, for example.<\/p>\n

Strategy, the company that used to be known as MicroStrategy and now raises money just to buy bitcoin, lost 10.9%. It said that it raised a fund of $1.44 billion in U.S. dollars, not in bitcoin, by selling stock to help pay for its dividends on preferred shares and interest on its debt.<\/p>\n

On the winning side of Wall Street was Synposys, which rose 3.5%. It said\u00a0Nvidia<\/a>\u00a0is investing $2 billion in its stock as part of an expanded partnership. Nvidia, which has become Wall Street\u2019s most influential stock, swung from an early loss to a gain of 1.2%.<\/p>\n

The market, meanwhile, had a mixed reaction to what seems like a strong start for the holiday shopping season. Consumer spending during the\u00a0Black Friday<\/a>\u00a0and\u00a0Cyber Monday<\/a>\u00a0retailing bonanza was expected to exceed expectations, despite\u00a0uncertainty over the outlook<\/a>\u00a0for the U.S. economy.<\/p>\n

Ross Stores rose 1%, and Williams-Sonoma climbed 1.4%. But Best Buy fell 1.4%.<\/p>\n

In stock markets abroad, indexes were mixed amid sharp moves.<\/p>\n

France\u2019s CAC 40 slipped 0.2%, dragged down in part by a 5.7% loss for Airbus.<\/p>\n

The European aerospace giant said Monday that most of its fleet of 6,000 A320 passenger jets have received an update after\u00a0a weekend software glitch<\/a>\u00a0that could have affected flight controls. Travelers\u00a0faced minor disruptions<\/a>\u00a0heading into the weekend as airlines around the world scrambled to push the software updates out after Airbus warned of the problem Friday, one of the busiest travel days of the year.<\/p>\n

In Japan, the Nikkei 225 tumbled 1.9% on worries about the possibility of higher interest rates. Japan\u2019s benchmark interest rate has remained near zero for years in hopes of juicing the economy. Now inflation is holding above the Bank of Japan\u2019s target of about 2%.<\/p>\n

In the bond market, the yield on the 10-year Treasury rose to 4.09% from 4.02% Friday.<\/p>\n

It briefly slowed its ascent in the morning after a report showed activity for U.S. manufacturers shrank by more last month than economists expected. The weaker-than-expected report could give the Fed further leeway to cut interest rates.<\/p>\n

Jobs are under pressure at manufacturers, and the majority told the Institute for Supply Management\u2019s survey that they\u2019re still focused more on managing headcount than on hiring. Several manufacturers also said tariffs are continuing to make things complicated.<\/p>\n

\u201cConditions are more trying than during the coronavirus pandemic in terms of supply chain uncertainty,\u201d one manufacturer told the ISM.<\/p>\n

AP Business Writer Elaine Kurtenbach contributed.<\/p>\n","protected":false},"excerpt":{"rendered":"By STAN CHOE, AP Business Writer NEW YORK (AP) \u2014 U.S. stocks are giving back some of\u00a0last week\u2019s…\n","protected":false},"author":3,"featured_media":417635,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,195621,144,405,403,5226,5225,5228,5227,2274,10747,67,586,132,5230,68,2969,3642],"class_list":{"0":"post-417634","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-crypto-stocks","10":"tag-dow-jones-industrial-average","11":"tag-new-york","12":"tag-new-york-city","13":"tag-newyork","14":"tag-newyorkcity","15":"tag-ny","16":"tag-nyc","17":"tag-sp-500","18":"tag-stock-market-today","19":"tag-united-states","20":"tag-united-states-of-america","21":"tag-unitedstates","22":"tag-unitedstatesofamerica","23":"tag-us","24":"tag-usa","25":"tag-wall-street"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115645439364070203","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/417634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=417634"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/417634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/417635"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=417634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=417634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=417634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}