Traders work on the floor of the New York Stock Exchange during morning trading on November 21, 2025 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 slid on Monday as volatility continued into December’s trading month.
The broad index lost 0.5%, while Nasdaq Composite shed 0.4%. The Dow Jones Industrial Average pulled back by 357 points, or 0.7%. All three indexes are on track to snap five-day win streaks.
Bitcoin, the flagship cryptocurrency, dropped more than 6% to trade below $86,000, putting downward pressure on the stock market. The digital currency late last month fell below $90,000 for the first time since April and has since struggled to stay above that mark. Crypto-related stocks including Coinbase and Strategy tumbled in Monday’s session.
Broadcom and Super Micro Computer each lost more than 2%, indicating more profit-taking on some names in the artificial intelligence trade. But Synopsys shares popped after Nvidia announced an investment in the company. Meanwhile, shares of Nvidia — the AI darling who has become a favorite of Wall Street and Main Street — rose more than 1%.
Outside tech, retailers such as Home Depot and Walmart advanced as the holiday shopping season kicked into high gear. The State Street SPDR S&P Retail ETF (XRT) added nearly 1% on Monday, bringing its five-day gain above 7%.
Wall Street is coming off a strong week. The Dow and S&P 500 jumped more than 3%, while the Nasdaq rallied close to 5%.
But the market turned turbulent and was anything but smooth sailing in November. The S&P 500 and Dow closed modestly above flat for the month, while the Nasdaq shed 1.5% to snap a seven-month advance. At one point in November, the tech-heavy Nasdaq was down nearly 8% from the October close amid concerns around AI stock valuations.
To be sure, seasonality is on Wall Street’s side as December trading begins. The S&P 500 averages an advance of more than 1% in December, making it the third-best month of the year for the benchmark in records going back to 1950, according to the Stock Trader’s Almanac.
“Stocks are going through a period of digestion,” said Robert Schein, chief investment officer at Blanke Schein Wealth Management. “But we think the backdrop for stocks remains strong right now, especially given the high likelihood that the Federal Reserve will cut interest rates again next week.”
Energy sector leads market with oil up on supply risk
The energy sector was outperforming the broader S&P 500 on Monday, bouyed by higher oil prices after Ukrainian drone attacks on Russian crude infrastructure.
The sector rose 1.3% while the broader market was slightly down. U.S. crude prices were up 1.4% after Ukrainian drones hit vessels in Russia’s shadow fleet and also apparently struck a crude export terminal on the Black Sea. OPEC+ has also agreed to hold output steady in the first quarter of 2026 after rapidly increasing production this year.
Diamondback Energy, APA Corporation, and Valero led the move higher. The stocks were up 3.3%, 2.9%, and 2.8%, respectively.
— Spencer Kimball
Shopify experienced an outage on Cyber Monday; shares are down 4%
E-commerce company Shopify fell 4% after thousands of its merchants were unable to process transactions during Cyber Monday.
Cyber Monday is one of the biggest shopping days of the year, especially for e-commerce companies. Adobe Analytics projects that Cyber Monday spending this year will reach $14.1 billion online alone.
Shopify, 1-day
“We’re aware of an issue with Admins impacting selected stores, and are working to resolve it,” Shopify wrote in an X post on Monday morning.
Shopify Admin, the platform’s web-based management system, experienced a “partial outage” well into the afternoon, according to a Shopify Status blog.
— Itzel Franco
Bitcoin plunges, losing gains from weekend recovery
Representations of cryptocurrency Bitcoin are placed on a PC motherboard in this illustration taken June 16, 2023.
Dado Ruvic | Reuters
Bitcoin plunged on Monday to lows not seen since last April, even briefly dipping below $85,000 at one point, as traders continued to pivot out of risk-on assets.
The largest cryptocurrency by market capitalization was last trading at $85,157.99, down 7% on the day. The token is trading 22% lower over the past month, and it’s off more than 30% from its record high just north of $126,000 hit in early October.
Crypto-related stocks also traded lower in Monday’s session. Strategy shares fell 9%, while crypto exchanges Coinbase and Gemini Space Station fell 6% and 8%, respectively.
Strategy, 1-day
— Liz Napolitano
See the stocks moving midday
These are some of the stocks making notable midday moves:
- Old Dominion Freight Line — Shares of the less-than-truckload freight carrier rose more than 5% after being upgraded to outperform by BMO Capital. The analyst cited an improving backdrop for its business, plus an opportunity brought on by a more than 40% pullback in the stock over the past year.
- DoorDash — The food delivery stock rose 4% after Sequoia’s Alfred Lin bought more than 514,000 shares, valued at about $100 million. DoorDash shares are up about 14% over the past year, but the stock shed nearly 19% over the past month.
- Walt Disney — Shares of the entertainment giant rose about 2% after “Zootopia 2” had a strong showing at the box office over the Thanksgiving weekend. The film tallied $158 million in ticket sales over the five-day holiday weekend.
See the full list here.
— Christina Cheddar Berk
Tech analyst Paul Meeks calls Dell ‘absolutely and relatively undervalued’
Paul Meeks, head of technology research at Freedom Capital Markets, called Dell a buying opportunity in a note sent out to clients on Monday morning.
Meeks pointed out that although the stock climbed on its latest earnings report, rising 9% last week, it still fell 17% in November and has trailed behind other tech names this year.
DELL 1M chart
“Even after last week’s bounce we think that the stock is absolutely and relatively undervalued,” he wrote.
This year, Dell is expected to sell around $25 billion in AI servers, or 2.5 times its sales last year. Meeks believes that over the next several years, the company could accelerate its overall topline growth to more than 10% and its earnings per share to 15%.
Meeks added that on a broader basis, he continues to support the overall AI infrastructure trade.
“For this trade to work, we just expect the AI infrastructure nuclear arms race to continue for our two-year investment horizon. Too many stocks like DELL do not reflect that,” he wrote. “We bet that these are good bounce-back trades if nothing else. The end of the AI era is way too premature in our view.”
— Lisa Kailai Han
Recent market turmoil isn’t ‘fatal’ for bull market, strategist says
The Wall Street bull stands in the financial district near the New York Stock Exchange on Nov. 18, 2025 in New York City.
Spencer Platt | Getty Images
Don’t be worried about the bull market following the tumultuous month as traders question the artificial intelligence trade, according to Ross Mayfield, investment strategist at Baird.
“Continued scrutiny on A.I. spending viability and valuations will persist,” Mayfield said. But, it’s “nothing close to fatal for the bull market.”
Mayfield added that the bounce off recent lows “has been impressive in numerous ways” and signals the market will finish the year strong.
— Alex Harring
Retail stocks continue outperforming on Cyber Monday
Retail stocks were off to a good start on Cyber Monday.
The State Street SPDR S&P Retail ETF (XRT) added close to 1% in Monday’s midday trading. By comparison, the broad S&P 500 ticked down 0.5%.
The ETF has rallied almost 7% over the last five trading days, a period that also included Black Friday. The S&P 500, meanwhile, has added less than 2% in the same period.
XRT ETF vs. S&P 500, 5 days
— Alex Harring
Bank of America Sell Side Indicator closer to ‘contrarian sell signal than a buy’
Bank of America’s in-house “Sell Side Indicator” (SSI) edged higher for a second straight month in November, to 55.9% from 55.7%, giving it still a neutral ranking but “closer to a contrarian ‘Sell’ signal than a ‘Buy’,” quantitative strategists Victoria Roloff and Savita Subramanian wrote Monday.
“Today isn’t 2000, but expect more modest returns from here — 2026 S&P 500 target of 7100 implies 4% upside,” the strategists wrote.
“The SSI has been a reliable contrarian indicator. In other words, it has been bullish when Wall Street was extremely bearish and vice versa,” BofA said. “Although the SSI is more bullish than bearish, its current level of 56% is still well below levels reached in prior market peaks (typically >59%) and implies a healthy S&P 500 price return of 12% over the next 12 months – one of five inputs (and currently the most bullish input) into our S&P 500 target.”
BofA downplayed the analogy that today’s stock market resembles the Internet- and dot.com fueled mania of the late 1990s that ended in the first quarter of 2000. “Equity sentiment is not at bullish extremes, Tech’s outperformance has been supported by earnings growth, and the frenzied price action in IPOs and unprofitable stocks that defined 2000 are not apparent in today’s market,” it wrote.
— Scott Schnipper
ISM manufacturing index misses forecast for November
Raw tubing and pipes sit on shelves at the Memac Industries Inc. facility in Lancaster, Ohio.
Ty Wright | Bloomberg | Getty Images
Factory activity in the U.S. contracted again in November as new orders and backlogs as well as deliveries all showed sizeable drops, according to the Institute for Supply Management.
The ISM manufacturing index fell half a point to 48.2%, representing the share of companies reporting expansion on the month. Economists surveyed by Dow Jones had been looking for 48.8%.
Within the survey, boosts in production and imports were offset by a 4.9 percentage point slide in supplier deliveries, which fell below the expansion threshold of 50% to 49.3%. Inventories rose 3.1 points while employment fell 2 points and prices nudged higher by 0.5 percentage point.
—Jeff Cox
Small caps lag
Small cap stocks joined technology names in underperforming during Monday morning trading.
The small cap-focused Russell 2000 slipped around 0.7%. By comparison, the S&P 500 lost 0.4%.
Russell 2000 vs. S&P 500, 1-day
— Alex Harring
Stocks are lower
Stocks were in the red to kick off Monday’s session and the new trading month.
The Dow and S&P 500 each slipped around 0.6% shortly after 9:30 a.m. ET. The Nasdaq Composite lost 0.8%.
— Alex Harring
These stocks are making moves in premarket trading
Here are some of the companies making headlines before the bell:
- Synopsys — The developer of design automation models and software jumped 8% after Nvidia invested $2 billion in Synopsys common stock at $414.79 per share as part of a broad strategic partnership.
- Leggett & Platt — Shares rose 14% after the furniture component manufacturer received an unsolicited, all-stock buyout proposal from Somnigroup International valued at $12 per share.
- Wynn Resorts — The hotel and casino chain added almost 2% after Goldman Sachs included Wynn on its conviction buy list. Goldman said the company has a “best-in-class” Las Vegas business, while improvement in China’s Macao region can “drive transformative upside.”
- Nvidia, Micron Technology, Marvell Technology — Some artificial intelligence-linked stocks traded down as investor concerns about an AI bubble grew. Nvidia slipped 1.4%, while Micron Technology and Marvell Technology each fell about 2%.
Read the full list here.
— Liz Napolitano
Synopsys pops following Nvidia investment
Sassine Ghazi, CEO of semiconductor design software firm Synopsys, explains the company’s plans to have artificial intelligence take over parts of designing computer chips at the company’s annual user conference in Santa Clara, California, on March 19, 2025.
Stephen Nellis | Reuters
Synopsys shares jumped more than 7% in Monday’s premarket following Nvidia‘s investment.
Nvidia said it purchased $2 billion of Synopsys stock. The chipmaker’s investment is part of a partnership aimed at accelerating computing and artificial intelligence engineering solutions.
Synopsys, 1-day
Shares of Nvidia, on the other hand, ticked down more than 1% on Monday.
— Alex Harring, Ashley Capoot
Bitcoin falls to start December
Bitcoin fell more than 5% to start the new week and month, pushing it back below the key $90,000 threshold. The flagship digital currency last traded at $86,135.37.
Bitcoin 5-day chart
— Fred Imbert
Wall Street heads into new month with some momentum
The S&P 500 and Nasdaq Composite last week ripped higher by 3.7% and 4.9%, respectively, while the Dow advanced 3.2%.
Seasonality is also on Wall Street’s side. The S&P 500 averages an advance of more than 1% in December, making it the third-best month for the benchmark going back to 1950, according to the Stock Trader’s Almanac.
— Fred Imbert
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