Stock market today: Dow, S&P 500, Nasdaq futures sink, bitcoin plummets in downbeat start to December

Market Overview - US stock futures declined on the first trading day of December, with Nasdaq 100 futures down approximately 1% and S&P 500 futures dropping around 0.7% [1] - The Dow Jones Industrial Average futures slid 0.5%, following a five-day gain for Wall Street indexes [1] Major Stocks Performance - All "Magnificent Seven" megacap stocks experienced a pullback, with Nvidia, Meta, and Tesla shares falling over 1% [2] - Bitcoin's price fell sharply below $85,000, continuing a weeks-long decline before recovering slightly [2] Economic Outlook - December is usually a strong month for stocks, but analysts suggest the traditional Santa Claus rally may not occur this year due to heightened uncertainty from various events, including President Trump's tariff initiatives [3] - The focus remains on the Federal Reserve's interest rate decisions, with over 85% of bets anticipating a quarter-point reduction at the upcoming meeting [4] Economic Data and Fed Expectations - Economic data releases are expected to influence rate expectations, with a reading on November manufacturing activity scheduled for Monday, followed by updates on services and the jobs market [5] - The delayed September Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure, is anticipated to be a key highlight on Friday [5] Federal Reserve Leadership - Wall Street is preparing for a potential leadership change at the Federal Reserve, as President Trump has indicated he has made a choice to replace current Fed Chair Jerome Powell, with economic advisor Kevin Hassett seen as a likely candidate [6]