Stock Market Today: Stocks Slide as December Opens With Fresh Volatility and Bitcoin Dives

​US stocks struggled on Monday, kicking off December with a turbulent start as Wall Street’s late-November rebound quickly ran into resistance. The Dow Jones Industrial Average fell about 0.5%, while the S&P 500 slipped roughly 0.2%. The Nasdaq Composite also dipped, though it steadied midday after deeper early losses, reflecting a cautious tone across the tech complex.

The pullback came as investors rotated out of risk assets and braced for delayed economic data — including the Fed’s preferred inflation gauge later this week. Sentiment fell even further as Bitcoin dove more than 7%, dropping below $85,000 before staging a modest bounce. With crypto and equities both under pressure, markets opened December in a defensive posture that contrasts with the momentum that defined the final week of November.

Market Movers:

• ​Leggett & Platt (LEG) +12% — Shares surged after Somnigroup International offered an all-stock acquisition valued at $12 per share, a ~30% premium to the 30-day average. The deal still hinges on due diligence and board approvals, but investors cheered the strategic interest after a challenging year for the company.
• Synopsys (SNPS) +8% — The stock climbed after Nvidia revealed a $2 billion investment and a broad AI partnership integrating accelerated computing with Synopsys’ chip-design tools. The collaboration aims to radically speed up engineering workflows and comes as demand for AI-enabled design surges.
• Bitfarms (BITF) -5% — Crypto-mining stocks slid as Bitcoin’s downturn deepened, with peers including Coinbase, MicroStrategy, Marathon, and Riot also dropping. The decline accelerated after China’s central bank warned about renewed speculation in digital assets and signaled tougher enforcement ahead.
• Moderna (MRNA) -4% — Shares fell after the FDA announced plans to tighten vaccine-approval standards following a memo linking pediatric deaths to COVID-19 vaccines. Investors worry the additional safety requirements could slow Moderna’s regulatory pipeline.
• Li Auto (LI) -4% — The EV maker reported November deliveries down nearly 32% year over year, marking the sixth straight monthly decline. Management hopes expanded L6 SUV production in early 2026 will reverse the slump.
• Nio (NIO) -4% — Despite a strong 76% year-over-year delivery increase, month-over-month declines weighed on shares. Investors remain cautious about pricing pressure and rising competition in China’s crowded EV market.

​Bitcoin’s Sharp Drop Rekindles Risk-Off Mood

Bitcoin’s slide dominated early trading, with the token falling more than 7% to a two-month low as fears grew over a potential shift in Japan’s interest-rate policy. Analysts noted that higher Japanese rates could unwind popular yen-funded carry trades, forcing investors to liquidate Bitcoin and other high-octane assets. Several major crypto ETFs logged steep outflows, underscoring weak sentiment after months of profit-taking.

The move drew comparisons to the sharp sell-off in August 2024, when a similar unwind triggered a rapid 18% drop. While Bitcoin partially recovered intraday, analysts across crypto research desks cautioned that a durable rebound may remain elusive until volatility subsides and liquidity improves.

Manufacturing Weakens as Tariffs Pressure Supply Chains

Stocks also dealt with new signs of industrial softness. The ISM Manufacturing PMI contracted for a ninth straight month, slipping to 48.2 as tariffs disrupted supply chains and pushed input costs higher. Firms described conditions as “more trying than during the pandemic,” citing shortages of raw materials, expensive metals, and a steady rise in logistical friction. Industrial shares — among the year’s relative outperformers — traded lower as investors reassessed how prolonged trade tension and elevated costs could shape 2026 earnings.

Cyber Monday Offers a Mixed Read on the Consumer

While markets were under pressure, retail painted a more mixed picture. Adobe Analytics projected a record $14.2 billion in Cyber Monday spending, up 6.3% from last year. Shoppers continued to gravitate toward electronics and big-ticket items, with buy-now-pay-later usage expected to hit a record $1 billion in a single day.

Even so, the spending surge comes against the backdrop of weakening consumer confidence and a labor market that’s showing early signs of stress. Investors remain laser-focused on whether elevated promotional activity can sustain momentum into December without eroding retailer margins.

Looking Ahead

With the Fed in blackout mode ahead of next week’s policy meeting, markets will take their cues from a cascade of key data, culminating in Friday’s delayed PCE inflation report. Traders are still pricing in an 85%+ probability of a December rate cut, but volatility across equities, crypto, and the dollar suggests a more fragile backdrop than last week’s rallies implied.

If economic readings come in soft enough to reinforce the case for easing, risk assets could stabilize. But if inflation surprises or bitcoin’s slide accelerates, December may diverge sharply from the typical “Santa rally” narrative — and deliver a more unpredictable finish to the year.