Markets Open December in the Red as Tech and Crypto Pull Back

Market Overview - The U.S. stock market started December on a subdued note, with major indexes retreating as investors recalibrated their risk appetite following a strong close to the previous week [1] - A broad pullback was observed across various sectors, particularly in technology and cryptocurrency-related equities, influenced by rising bond yields and hints of a potential interest rate hike from the Bank of Japan [1][3] Market Performance Recap - The S&P 500 declined by 0.5%, the Dow Jones Industrial Average fell by 0.9%, and the Nasdaq Composite shed 0.4%, interrupting a five-day winning streak [2] - This downturn contrasted with the previous Friday's performance, where the Dow rose by 0.6%, the Nasdaq advanced by 0.7%, and the S&P 500 gained 0.5% [2] Major Stock Movements - Cryptocurrency-related firms faced significant selling pressure as Bitcoin dropped below $86,000, with companies like MicroStrategy, MARA Holdings, Coinbase Global, Riot Platforms, and Robinhood Markets seeing declines between approximately 3% to 7% [4] - Nvidia bucked the downward trend, with shares advancing by 1.5% after announcing a $2 billion investment in Synopsys, which saw its shares rise by about 5% [5] - Bausch Health surged by 14.8% following an acquisition, while Bath & Body Works rose by 9.4% also due to an acquisition [6] Upcoming Market Events - December is expected to be significant with crucial economic data releases and central bank policy decisions that could influence market direction [7] - Key economic data announcements include ISM Manufacturing PMI, ISM Services PMI, ADP Private Payrolls, and Consumer Price Index, among others [8] - The U.S. Federal Reserve meeting on December 9th-10th is highly anticipated, with an 87.6% probability of a 25-basis point interest rate cut [9] Earnings Announcements - Several companies are set to release earnings reports, including Credo Technology Holding and MongoDB, with major tech companies like Salesforce, CrowdStrike, and Marvell Technology also on the calendar [11][12]