4:15pm: Holiday rally loses steam
Stocks ended lower on Monday, with investors weighing a mix of economic uncertainty and geopolitical headwinds.
The Dow Jones dropped 427 points, or 0.9%, to close at 47,289, while the S&P 500 fell 36 points, or 0.5%, finishing at 6,813. The tech-heavy Nasdaq slipped 90 points, or 0.4%, to 23,276, and the Russell 2000 lost 32 points, or 1.3%, settling at 2,468.
Apple shares bucked the broader trend, climbing more than 1.5% to hit a record high, as optimism around the company’s products outweighed market caution.
Analysts remain skeptical about the traditional “Santa Claus rally” this year, citing ongoing uncertainty fueled by events such as President Trump’s tariff push, which has kept markets off their usual seasonal patterns throughout 2025.
Cryptocurrency markets also took a hit, with Bitcoin tumbling roughly 7% to hover around $86,000, reflecting investor caution across both traditional and digital assets.
Investors will be watching closely this week for further economic cues and any developments on the trade front, as the market continues to navigate a year that has defied typical end-of-year trends.
3:50pm: Proactive news headlines
- Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) unveiled a new security solution aimed at preventing cryptocurrency-targeted home invasions, following a recent $11 million theft incident in San Francisco.
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) completed Phase 1A equipment installation at its Sorel-Tracy facility in Quebec and produced its first hydrogen molecule using its Ultra High Purity module.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) appointed mining and finance veteran Terry Salman as an advisor to the CEO, strengthening its corporate and capital markets expertise.
- American Resources Corp (NASDAQ:AREC) partnered with SAGINT to implement blockchain-based tokenization for critical and rare earth minerals produced by its minority-owned ReElement Technologies.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) launched pre-sales for its THERMAL-XR graphene-based spray kit, scheduled for delivery before the end of December 2025.
- Medicus Pharma (NASDAQ:MDCX) promoted Carolyn Bonner from president to CFO following the resignation of the former finance chief, Jim Quinlan.
- NanoViricides (NYSE-A:NNVC) signed a master services agreement with Only Orphans Cote LLC to pursue orphan drug designation for its antiviral candidate NV-387.
- TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) continues a strategic review amid heightened M&A interest, positioning itself as a royalty-focused gateway to green energy and gold assets.
- Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) secured a US$20 million credit facility through its subsidiary to fund capital programs and general corporate purposes.
2:40pm: Market movers
- Moderna shares dropped sharply after the FDA signaled it will impose stricter approval requirements for vaccines, raising concerns about delays and added scrutiny for its pipeline.
- Synopsys shares rose over 3% after Nvidia announced a major investment and expanded partnership, including a $2 billion private placement that makes Nvidia one of its largest shareholders.
- Strategy stock fell more than 10% as Bitcoin prices slid and the company revealed plans to establish a new US dollar reserve.
- Charbone Hydrogen reported completing equipment installation and producing its first hydrogen molecule at its Sorel-Tracy facility as part of its Phase 1A rollout.
- American Resources said its affiliate ReElement Technologies signed a Tokenization Services Agreement with SAGINT to develop blockchain-based traceability and digital assets for critical and rare earth minerals.
1:30pm: Tariffs squeeze manufacturers
Factories cut headcount again as new orders declined and purchasing managers continued to cite tariffs as a major drag, pushing input costs sharply higher, according to Bill Adams, chief investment officer at Comerica.
“Manufacturers say tariffs are a headwind to their industry,” Adams noted, adding that most producers either rely on imported components or face foreign retaliation on exports.
With consumer confidence soft and the real estate sector sluggish, manufacturers have limited ability to pass rising costs on to customers, leaving margins under pressure. While some domestic-focused producers, such as steelmakers, are benefiting, Adams said they represent only a small slice of the sector.
He expects tariff passthrough to weigh on the industry through the first half of 2026, before stabilizing. Manufacturing should gradually recover as interest rates fall and construction activity strengthens, though industrial production growth is still forecast to trail the broader economy over the next few years.
12:40pm: Still in the red
Markets were still broadly down heading into the afternoon session on Monday.
Just after the midway point, the Dow was down 0.4% and the S&P was 0.1% below opening levels.
In contrast, the Nasdaq was struggling to reach positive territory, with the tech-heavy index approaching the flatline.
11:35am: Barrick considers IPO of NA assets
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) said its board has authorized management to explore an initial public offering (IPO) of its North American assets, a move analysts say could lift the valuation of its holdings without a full corporate breakup.
The proposed new entity, dubbed “NewCo,” would house Barrick’s joint venture interests in Nevada Gold Mines (NGM) and Pueblo Viejo (PV), as well as the wholly owned Fourmile gold discovery in Nevada.
Jefferies analysts described the move as a strategic way to unlock value through a “cleaner” structure, rather than splitting the company entirely. “This is about valuation arbitrage,” they wrote in a note, adding that NewCo could attract interest from larger gold producers such as Newmont and Agnico Eagle.
10:55am: Week ahead
Wall Street kicks off December with eyes on Federal Reserve Chair Jerome Powell, who is set to speak at a Stanford panel on Monday in his last public remarks before the Fed enters its self-imposed blackout ahead of the central bank’s final interest rate decision of the year.
Economic data will also take center stage, with updates on private employment, manufacturing, and the much-delayed August Job Openings and Labor Turnover Survey (JOLTS) drawing investor attention.
“Strong weekly performance transformed stock market performance in November,” said Kathleen Brooks, research director at XTB. “However, risk plummets as we start December.”
Retail data will be closely watched this week. Early indications show U.S. Black Friday sales rose 4.1% from a year ago, suggesting the consumer remains resilient despite rising costs. The delayed September Core PCE reading, the Fed’s preferred inflation gauge, is expected at 2.8%, providing further clarity ahead of the December 10 FOMC meeting.
10:25am: Manufacturing contracts
US manufacturing activity contracted for the third straight month in November, according to the Institute for Supply Management (ISM).
The ISM Manufacturing PMI came in at 48.2, below economists’ estimate of 49.0 and down from October’s 48.7.
New orders fell sharply to 47.4 from 49.4, while employment declined to 44.0 from 46.0, signaling ongoing weakness in factory hiring. Meanwhile, prices paid by manufacturers rose slightly to 58.5, up from 58.0, suggesting persistent input cost pressures.
9:55am: Wall Street opens softer
US stocks opened Monday on a softer note, extending the late-November rally’s pause after a busy holiday week. The Dow Jones fell 105 points, or 0.2%, to 47,611, while the S&P 500 dropped 24 points, or 0.4%, to 6,825. The Nasdaq slid 135 points, or 0.6%, to 23,231, and the Russell 2000 dipped 28 points, or 1.1%, to 2,473.
“December is finally here,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote. “Last month ended on a positive note, with a solid reversal of early-November losses on one single bet: that the Fed would cut interest rates in December.” She noted that U.S. traders returned from Thanksgiving to a market briefly disrupted by a tech issue on Friday, but trading resumed quickly, leaving the S&P 500 just shy of an all-time high.
Despite last week’s gains across European stocks, gold, Bitcoin, and U.S. Treasuries, concerns linger that the Fed may be rushing into a rate cut without solid economic data. “Valuations have run ahead of themselves,” Ozkardeskaya said, pointing to record-high Q ratios that suggest stock prices are lofty relative to companies’ underlying asset values.
Early Monday, U.S. crude oil added more than 2%, as OPEC signaled intentions to stabilize prices next year, keeping WTI near $60 a barrel. While higher oil could weigh on sentiment, the broader takeaway from U.S. holiday spending appears positive: consumers spent roughly $12 billion during recent shopping events, up about 4%, suggesting careful spending amid moderating inflation.
Investors are now weighing these mixed signals as Wall Street enters the final month of 2025, with hopes for a steady Fed-led year-end rally tempered by stretched valuations and persistent macro uncertainties.
8:00am: Risk-off tone
Wall Street is stepping into December on a cautious note, with US stock futures under pressure and crypto sliding again after last week’s upbeat finish.
Tech is leading the pullback early Monday. Nasdaq 100 futures are down about 1%, while S&P 500 futures are off roughly 0.7%. Dow futures are holding up a bit better, down 0.5%, after the blue-chip index logged a fifth straight day of gains on Friday to close out November.
Magnificent Seven stocks aren’t helping sentiment this morning. Nvidia, Meta and Tesla all fell more than 1% in premarket trading, giving back some of last month’s sharp gains and dragging the broader market with them.
Crypto markets aren’t offering any comfort either. Bitcoin tumbled below $85,000 before clawing back above that level, deepening a weeks-long slide that’s increasingly at odds with the strength seen across equities lately. Silver, meanwhile, is up about 2% to a fresh record high as the rally in precious metals continues to outpace gold.
Chris Beauchamp, chief market analyst at IG, said the renewed crypto weakness is becoming a pattern. “Last week’s gentle rally in crypto... has given way to fresh losses,” he said, pointing to thin post-holiday liquidity and a persistent divergence between risk appetite in equities and digital assets. “It is odd to see risk appetite revived in most areas but not in crypto assets, especially with the likes of silver back at record highs.”
There’s also some political intrigue swirling around the Federal Reserve. Kevin Hassett has emerged as the leading contender to replace Jerome Powell, with markets watching closely given his history of engagement with the crypto sector. Hassett has previously signaled openness to digital-asset innovation, though any shift in tone from the incoming Trump administration would still need to mesh with the Fed’s broader financial-stability mandate.
In corporate news, a few standout movers are stirring up premarket activity. Coupang shares slumped 8% after the South Korean e-commerce giant disclosed a major data leak — another hit in what’s shaping up to be a record year for cyber breaches in the country.
New Fortress Energy jumped 22% after Puerto Rico regulators approved a contract late Friday, offering investors some relief following recent concerns over the LNG supplier’s debt levels.
On the data front, investors will get updates on US manufacturing with the final S&P Global PMI reading for November and the ISM manufacturing report, both coming ahead of a busy month for economic signals leading into the final Fed meeting of the year.
Earnings from Credo Technology, MongoDB and New Fortress Energy will round out the day.