Stocks Halt Winning Run as Bitcoin Selloff Deepens: Markets Wrap

(Bloomberg) — The start of a historically strong month on Wall Street saw stocks sliding as traders shunned riskier corners of the market amid a selloff in cryptocurrencies. A rout in Japanese debt rippled through global bonds.

Caution prevailed as a rally that drove the S&P 500 to its longest streak of monthly gains since 2021 took a breather. Two areas that have recently underperformed the rest of the market — big tech and crypto — came under renewed pressure, with Bitcoin briefly falling below $85,000.

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Despite the reduced appetite for risk, Treasuries kicked off the week on the back foot as Japanese benchmark yields hit the highest since 2008 on signs the nation will boost interest rates.

Equities lost steam after investors wrapped up a choppy November with gains as speculation grew that the Federal Reserve is more likely than not to cut rates this month.

This week’s data include a much-delayed inflation number for September, to be released on Friday. A preliminary reading of consumer confidence in December is also due that day, and will be key given it’s a post-government shutdown reading on the health of the economy.

The S&P 500 fell to around 6,830. Most tech megacaps slipped, though Nvidia Corp. bounced after Friday’s rout. Energy producers joined a rally in oil.

The yield on 10-year Treasuries rose seven basis points to 4.09%. Merck & Co Inc. is seeking to raise as much as $8 billion through a corporate bond sale. The dollar slid.

Corporate Highlights:

Nvidia Corp. has struck a deal to invest $2 billion into chip-design software maker Synopsys Inc.’s stock as part of a broader engineering and design tie-up, the latest massive investment by the chipmaker into one of its own suppliers. Strategy Inc. said it had created a $1.4 billion reserve to fund future dividend and interest payments, tempering concern that the Bitcoin accumulator may be forced to sell some of its roughly $56 billion cryptocurrency haul if token prices continue to fall. First Digital Group is planning to go public by merging with a blank-check company, as crypto firms take advantage of more favorable regulations to list their shares on stock markets. Eli Lilly & Co. is cutting the price for introductory doses of its weight-loss drug Zepbound again, as competition heats up with rival Novo Nordisk A/S. Moderna Inc. fell after the Food and Drug Administration said in a memo late last week it would place new restrictions on which vaccines hit the market. Walt Disney Co.’s Zootopia 2 pulled in $272 million to claim China’s second-biggest opening ever for a foreign film, boosting the US studio in a key market. Barrick Mining Corp. is exploring an initial public offering of its prized North American gold assets as it grapples with upheaval from mining setbacks and a management shakeup. Somnigroup International Inc., the world’s largest bedding company, proposed to buy one of its biggest suppliers, Leggett & Platt Inc., in an all-stock transaction worth about $1.6 billion. Airbus SE suffered a one-two punch on its popular A320 airliner after revealing a quality issue on some fuselage panels — just days after flagging a software glitch on about 6,000 jets that required emergency upgrades. BHP Group offered around £40 billion ($53 billion) in its now-aborted attempt to acquire Anglo American Plc, according to people with knowledge of the matter. A massive data breach at South Korea’s largest e-retailer Coupang Inc. caps what is set to be a record year for online leaks in the country, highlighting weaknesses in Seoul’s cyber defenses. BYD Co.’s sales fell for a third straight month as the world’s largest electric vehicle maker faces intensifying competition from rivals churning out popular models. China Vanke Co., the distressed builder that surprised markets last week when it proposed an unspecified delay in paying a local bond, has now asked holders to wait a year to be made whole, as it faces mounting liquidity pressure amid waning state support. Some of the main moves in markets:

Stocks

The S&P 500 fell 0.3% as of 9:57 a.m. New York time The Nasdaq 100 fell 0.5% The Dow Jones Industrial Average fell 0.1% The Stoxx Europe 600 fell 0.2% The MSCI World Index fell 0.2% Bloomberg Magnificent 7 Total Return Index fell 0.3% The Russell 2000 Index fell 0.5% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.3% to $1.1632 The British pound rose 0.1% to $1.3251 The Japanese yen rose 0.7% to 155.02 per dollar Cryptocurrencies

Bitcoin fell 5.5% to $86,185.59 Ether fell 6.7% to $2,819.45 Bonds

The yield on 10-year Treasuries advanced seven basis points to 4.09% Germany’s 10-year yield advanced six basis points to 2.75% Britain’s 10-year yield advanced five basis points to 4.49% The yield on 2-year Treasuries advanced four basis points to 3.53% The yield on 30-year Treasuries advanced eight basis points to 4.74% Commodities

West Texas Intermediate crude rose 1.7% to $59.53 a barrel Spot gold was little changed ©2025 Bloomberg L.P.