Wall Street dips as yields climb; crypto stocks tumble

Market Overview - U.S. stocks experienced a decline, with the Dow Jones Industrial Average falling by 295.65 points (0.62%) to 47,420.77, the S&P 500 losing 23.22 points (0.34%) to 6,825.87, and the Nasdaq Composite decreasing by 68.69 points (0.29%) to 23,297.00 [1][8] Federal Reserve and Monetary Policy - Expectations for further monetary easing have increased due to dovish signals from key voting members and speculation regarding White House economic adviser Kevin Hassett as a potential successor to Fed Chair Jerome Powell [2][8] - Powell is scheduled to speak after the market close, but it is anticipated that he will not address monetary policy due to the upcoming central bank meeting [5][8] - The market is pricing in an 87.4% chance of a 25 basis-point rate cut at the Fed's policy meeting on December 10 [8] Economic Indicators - Investors are awaiting a delayed September report on the Personal Consumption Expenditures Price Index, which is the Fed's preferred inflation gauge [6][8] - The Institute for Supply Management's survey indicated that U.S. manufacturing contracted for the ninth consecutive month, impacted by tariffs and higher prices [8] Sector Performance - The rise in U.S. Treasury yields negatively affected S&P 500 sectors such as real estate and utilities, which are often viewed as bond proxies [7][8] - Declining issues outnumbered advancers on both the NYSE and Nasdaq, with a ratio of 1.45-to-1 and 1.91-to-1, respectively [7][9] - The S&P 500 recorded 17 new 52-week highs and one new low, while the Nasdaq Composite saw 73 new highs and 63 new lows [7][9] Cryptocurrency Market - The cryptocurrency market has faced significant losses, with Bitcoin dropping about 7% and falling below $85,000, contributing to a total market loss of over $1 trillion since its peak [8] - Major crypto stocks, including Coinbase and Bitfarms, experienced declines of 5.1% and 6.9%, respectively [8] Retail Sector - Cyber Monday sales are projected to reach $14.2 billion, with big-box retailers like Walmart and Target seeing their shares increase by 1% and 0.5%, respectively [9]