Stocks slid to kick off the first trading day of December.

The tech-heavy Nasdaq Composite (^IXIC) fell about 0.4%, while the S&P 500 (^GSPC) also slipped 0.5%, The blue chip-loaded Dow Jones Industrial Average (^DJI) shed about 0.9%.

Bitcoin (BTC-USD) tumbled roughly 7% to hover around $86,000, casting doubt on a year-end rally despite growing prospects of a Federal Reserve interest rate cut. Gold (GC=F) and silver (SI=F) prices, however, jumped.

Meanwhile, Apple (AAPL) stock rose to close at a new all-time high.

Gold (GC=F) and silver (SI=F) prices jumped on Monday as investors flocked to precious metals amid growing market bets on a December rate cut by the Federal Reserve and rising concerns that a surge in the Japanese yen could wreak havoc on markets.

Gold futures rose above $4,270 per troy ounce after closing out their fourth straight month of gains and bringing the yellow metal back within shouting distance of its October record high of $4,336.

Gold is now up more than 60% year to date, far outperforming the S&P 500 (^GSPC) and leaping ahead of bitcoin (BTC-USD), which on Monday sat roughly 9% lower than its price at the start of the year.

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A favorable backdrop should further support US equities, said UBS analysts on Monday.

“We have highlighted that stocks historically performed best when the economy is not in recession and the Fed is cutting interest rates,” Ulrike Hoffmann-Burchardi, CIO Americas and Global Head of Equities, UBS Global Wealth Management, said in a note on Monday.

The strategist noted the “latest set of economic data has underscored the favorable environment we are currently in.”

The market-implied probability of a December rate cut has climbed to over 87%, from below 40% just over a week ago.

The US manufacturing sector contracted for the ninth straight month in November, according to data released Monday by the Institute for Supply Management.

The Manufacturing PMI registered at 48.2 for November, against a reading of 48.7 in October, as the Trump administration’s tariff policies continued to roil a sector that imports a large amount of materials. Readings below 50 indicate a contraction, while those above 50 indicate an expansion.

The industrials sector, which has risen healthily on the year, fell by around 1.6% over the past month.

“At any given point, trade with our international partners is clouded and difficult. Suppliers are finding more and more errors when attempting to export to the U.S. — before I even have the opportunity to import,” one respondent to the ISM’s monthly survey said.

“Conditions are more trying than during the coronavirus pandemic in terms of supply chain uncertainty.”

Index readings for new orders, employment, supplier deliveries, and backlog of orders fell in the month, dragging the overall rating down even as other metrics such as production, prices, and imports expanded.

The ISM noted that raw materials, including aluminum, copper, natural gas, and a basket of critical minerals, among others, have all gotten more expensive on the month, while electrical components and rare earth metals remain in short supply.

Labor was also noted as being in short supply.

“Business conditions remain soft as a result of higher costs from tariffs, the government shutdown, and increased global uncertainty,” another survey respondent said.

Bitcoin (BTC-USD) tumbled more than 7% on Monday, along with crypto-related stocks, casting doubt on a year-end rally despite growing prospects of a Federal Reserve interest rate cut.

The world’s largest cryptocurrency fell from around $91,000 on Friday to $84,000 on Monday, over concerns that Japan could raise interest rates. This sparked fears that investors who had borrowed cheap Japanese yen to buy assets like US stocks and bitcoin might rush to reverse those trades and sell cryptocurrencies and equities.

The last time this unwind happened in August 2024, bitcoin plunged 18% in a few days, noted Nic Puckrin, investment analyst and co-founder of The Coin Bureau.

“Now that history is repeating itself, it’s wise to prepare for more volatility,” said Puckrin, highlighting that the sharp drop last year was followed by a recovery and new highs.

Still, bitcoin exchange-traded funds (ETFs) posted their second-worst month, with $3.5 billion in outflows. The token is now down more than 30% from its October all-time high above $126,000, and it recently failed to break past the $92,000 level.

“While conditions can shift quickly, a sustained rally still appears unlikely in the near term, especially before year-end. But 2026 may present a very different setup,” said a 10X Research client note on Monday.

Bernstein analysts noted they are “still looking for clear signs for bitcoin to bottom out.”

The token’s “price action suggests weak market sentiment, which has impacted digital asset equities,” wrote analyst Gautam Chhugani in a note on Monday morning.

Crypto-related stocks like Strategy (MSTR) sank 10%, while trading platform Coinbase (COIN) dropped by 5% and Robinhood (HOOD) slid 4%.

Consumers are expected to spend a record $14.2 billion on Cyber Monday, up 6.3% from last year, per Adobe (ADBE) Analytics.

As consumer confidence hit its lowest since April and shoppers worry about the labor market, they’re seeking out mostly pricer goods like electronics, apparel, and furniture on the final day of a deal-filled weekend.

Adobe said consumers are expected to turn to buy now, pay later payment methods to take advantage of the deals. Today alone, Adobe predicts that consumers will spend $1 billion using the flexible payment method. That would be the largest single day on record.

As shoppers look to score last-minute deals, they’re expected to spend the most between 8 p.m. and 10 p.m. ET Monday. The expectation is that $16 million will be spent every minute.

This comes after a record cyber weekend. On Saturday and Sunday, consumers spent a record $11.8 billion online combined. On Friday, Americans spent that much in one day alone, up 9.1% year over year.

Plus, retailers like Walmart (WMT) and Target (TGT) have been ramping up their AI capabilities as consumers use AI this holiday season to cross compare deals, get gift ideas, and research products. Compared to a year ago, AI traffic to US retail sites is up 770% from Nov. 1 to Nov. 30.

The major US stock gauges slid on Monday, putting Wall Street’s strong late-November rebound on track to hit a speed bump on the first trading day of December.

The tech-heavy Nasdaq Composite (^IXIC) led the way down, losing around 1% at the open before paring losses. Meanwhile, the generalist S&P 500 (^GSPC) gave up around 0.6%, and the blue chip-loaded Dow Jones Industrial Average (^DJI) shed 0.4%.

Most of the “Magnificent Seven” megacap stocks pulled back, with Meta (META) losing over 1%, and Alphabet (GOOG) giving up nearly as much.

Bitcoin continued to fall, plummeting nearly 6% to below $85,000 a token to extend a weeks-long slide, before rebounding to recross the $86,000 mark.

South Korea’s largest e-retailer Coupang Inc. (CPNG) stock fell 8% in premarket trading on Monday following a massive data leak. This latest break caps what is set to be a record year for online leaks in the country, highlighting weaknesses in Seoul’s cyber defenses.

New Fortress Energy (NFE) stock soared 22% before the bell on Monday. The liquefied natural gas supplier, which has faced questions over its rising debt, had a contract approved with Puerto Rico regulators late Friday.

Strategy (MSTR) stock fell 4% during premarket trading on Monday. The software company, which is one of the largest investors of bitcoin has suffered due to the crypto selloff.