Wall Street kicked off December on a negative note, with the S&P 500 down 0.7%, the Nasdaq falling 1%, and the Dow Jones losing more than 250 points after a volatile November.
Caution dominated markets ahead of several key economic releases this week, including the delayed September PCE report later in the week, all before next week's FOMC decision. Market pricing currently assigns an 87% probability to another 25 bps cut in the federal funds rate.
The tech was the worst performing sector, followed by real estate, industrials and communication services while the energy sector managed to stay in the green. Mega-cap stocks were mostly lower, including Nvidia (-0.8%), Microsoft (-0.7%), Apple (-0.5%), Alphabet (-0.7%), Meta (-1.2%), Broadcom (-2.3%), and Tesla (-0.3%). Crypto-linked stocks also fell, with Coinbase Global down 4.7% amid renewed Bitcoin selling.
On the other hand, Amazon (0.5% ) and Walmart (0.1%) gained and Target was little changed as Cyber Monday sales got underway.
Source : Trading Economics
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