Stocks Fall as Rising Bond Yields Spark Risk-Off Sentiment

Core Points - The S&P 500 Index, Dow Jones Industrials Index, and Nasdaq 100 Index are all experiencing declines today, indicating a negative market sentiment [1] - Higher bond yields, particularly the 10-year T-note yield rising to 4.08%, are contributing to a risk-off sentiment in asset markets [2] - Bitcoin has dropped over 7% to a one-week low, influenced by regulatory comments from the People's Bank of China regarding virtual currencies [5] Economic Indicators - The November ISM manufacturing index fell to 48.2, a 14-month low, which is below expectations of 49.0, indicating weaker manufacturing activity [3] - The November ISM price paid sub-index unexpectedly rose to 58.5, suggesting ongoing price pressures despite the overall manufacturing decline [3] - Weaker-than-expected Chinese economic data, with the November manufacturing PMI at 49.2 and non-manufacturing PMI at 49.5, raises concerns about global growth prospects [4] Market Trends - Energy producers are showing strength, with WTI crude oil prices up more than 1% to a one-week high, providing some positive support for stocks [2] - Upcoming US economic news includes expectations for a slight increase in ADP employment change and personal spending, while initial unemployment claims are projected to rise [6]