Stocks Retreat as Bond Yields Rise

Cryptocurrency Market - Bitcoin price fell more than -5% to a 1-week low after the People's Bank of China highlighted risks of speculation and stated that virtual currencies lack legal tender status [1] - Cryptocurrency-exposed stocks, including Galaxy Digital Holdings, Strategy, and Coinbase Global, experienced declines of more than -6%, -4%, and -4% respectively due to Bitcoin's drop [12] Economic Indicators - China's November manufacturing PMI rose by +0.2 to 49.2, but was below expectations of 49.4, indicating weaker economic conditions [2] - The November ISM manufacturing index in the US unexpectedly fell -0.5 to a 14-month low of 48.2, contrary to expectations of an increase [3] Stock Market Performance - Major US stock indexes closed lower, with the S&P 500 down -0.53%, Dow Jones down -0.90%, and Nasdaq down -0.36% [5] - Energy producers saw positive performance as WTI crude oil rose more than 1% to a 1-week high, benefiting companies like Diamondback Energy and Devon Energy, which closed up more than +2% [14] Corporate Earnings - Q3 corporate earnings season showed strong results, with 83% of S&P 500 companies exceeding forecasts, leading to a +14.6% increase in earnings compared to expectations of +7.2% y/y [7] International Markets - Overseas stock markets had mixed results, with the Euro Stoxx 50 down -0.01%, while China's Shanghai Composite rose +0.65% [8]