Stock market today: Dow, S&P 500, Nasdaq slide as bitcoin tumbles to kick off December

Market Overview - US stocks experienced a decline at the start of December, with the Nasdaq Composite dropping 0.4%, the S&P 500 falling around 0.5%, and the Dow Jones Industrial Average sliding approximately 0.9%, or over 400 points [1] - Bitcoin's value decreased significantly, losing over 7% and dipping below $85,000, indicating a risk-off sentiment in the market [2] Company Performance - Nvidia, a major player in AI chips, initially fell but later gained over 1% [2] - Apple stock rose over 1.5%, reaching a record closing price [2] Economic Indicators - December is usually a strong month for stocks, but strategists suggest that the anticipated 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 market bets on a quarter-point reduction at the upcoming meeting [4] - Economic data releases are expected to influence rate expectations, with the delayed September Personal Consumption Expenditures (PCE) index being a key highlight [5] Federal Reserve Leadership - Wall Street is preparing for a potential leadership change at the Federal Reserve, as President Trump has indicated he has chosen a replacement for Fed Chair Jerome Powell, with Kevin Hassett being a likely candidate [6]