Wall Street slipped on Monday as investors adopted a cautious stance, anticipating key economic data releases and looking for direction from Federal Reserve Chair Jerome Powell regarding the central bank’s upcoming policy decision.
The market movements were primarily driven by caution ahead of crucial data, which will influence expectations for potential interest rate cuts. Key releases this week include: November ADP Employment Figures due on Wednesday, and September Personal Consumption Expenditures (PCE) Index scheduled for Friday.
Fed Chair Jerome Powell is set to deliver remarks later on Monday, which investors will dissect for any fresh clues about the central bank’s near-term monetary policy stance.
Meanwhile, speculation over the next Federal Reserve Chair continues to grow. Investors are largely anticipating a more dovish candidate to succeed Powell.
White House economic adviser Kevin Hassett stated on Sunday that he would be willing to serve as the next Fed chairman if selected.
US Treasury Secretary Scott Bessent indicated that the new chair nominee could be named before the Christmas holiday.
As of 11:30 a.m. Eastern Time, the S&P 500 fell 0.3%, the Dow Jones Industrial Average was down 0.4%, and the Nasdaq Composite was 0.4% lower.
At the opening bell, the Dow Jones Industrial Average fell 135.6 points, or 0.28%, to 47,580.85. The S&P 500 fell 36.8 points, or 0.54%, to 6,812.3, while the Nasdaq Composite dropped 193.3 points, or 0.83%, to 23,172.342.
In the bond market, the yield on the 10-year Treasury rose to 4.09% from 4.02% on Friday.
Key Stock Movers
Crpyto stocks tumbled after Bitcoin dropped below $86,000, down more roughly 7% from a day earlier. Coinbase Global sank 5.8% and Robinhood Markets shed 5.5%.
Strategy, formerly known as MicroStrategy, lost 10.9% after the company said it raised a fund of $1.44 billion in US dollars, not in bitcoin, by selling stock to help pay for its dividends on preferred shares and interest on its debt.
Synposys shares rose 3.5% after the firm said chip giant Nvidia is investing $2 billion in its stock as part of an expanded partnership. Nvidia stock gained 1.2%.
Bullion Market
Gold prices surged on Monday, supported by growing hopes of interest rate cuts by the Fed and a sliding US dollar.
As of 11:15 a.m. ET (1615 GMT), Spot gold edged up 0.1% at $4,233.83 per ounce. US gold futures for February delivery gained 0.3% to $4,266.60.
3.1% to $58.09 per ounce, after hitting an all-time high of $58.23 earlier.
Among other metals, platinum was down 0.8% to $1,659.03, while palladium fell 1.4% to $1,429.68.
Crude Oil
Oil prices climbed on Monday following drone attacks by Ukraine, the closure of Venezuelan airspace by the United States, and OPEC’s decision to leave output levels unchanged in the first quarter of 2026.
Brent crude futures rose $1, or 1.6%, to $63.38 a barrel by 9:14 a.m. CDT (1514 GMT). US West Texas Intermediate crude gained 94 cents, or 1.61%, to $59.49 a barrel.