US open: Stocks in the red as crypto slide adds to pressure

(Sharecast News) - Major indices were in the red early on Monday as tech stocks and crypto weakness weighed on sentiment.

As of 1510 GMT, the Dow Jones Industrial Average was 0.41% lower at 47,521.70, while the S&P 500 shed 0.38% to 6,822.77, and the Nasdaq Composite came out of the gate 0.45% weaker at 23,260.59.

The Dow opened 194.72 points lower on Monday, taking a bite out of gains recoreded in the previous session as markets wrapped up an otherwise disappointing month on a high.

Despite the early losses on Monday, market participants remained hopeful of the prospect of a yearend rally, with December historically being one of the strongest months for equities.

Recent market weakness has centred on technology stocks, particularly AIlinked names, which dragged the Nasdaq into its first monthly decline in seven months. November's pullback broke a sixmonth winning streak for the Dow and S&P 500, leaving investors cautious about valuations and sector profitability. Broadcom, Meta Platforms and Alphabet all traded lower at the open.

Cryptocurrencies were also in focus at the open as they continued to slide lower and add to financial stress for investors holding positions across a range of traditional asset classes. Crypto volatility only served to amplify concerns, with Bitcoin falling more than 5% early on Monday to trade under $87,000, extending recent weakness in the flagship cryptocurrency.

On the macro front, US manufacturing conditions improved for a fourth straight month in November, with stronger output and rising employment supporting optimism, though demand growth slowed sharply and export orders fell at the steepest pace since July amid tariff pressures. The S&P Global purchasing managers index slipped to 52.2 from 52.5, better than a flash estimate of 51.9, as firms reported weaker sales and an unprecedented buildup of finished goods inventories for the second month running. Inflationary pressures remained historically high, but selling price inflation eased to one of the lowest levels this year as competition and weak demand limited passthrough of higher input costs.

Elsewhere, the Institute for Supply Management's manufacturing PMI contracted for the ninth consecutive month in November, dropping from 48.7 in October to 48.2 last month. The new orders index contracted to 47.4 for a third straight month in November, while the production Index rose 3.2 percentage points to 51.4 and the prices index remained in expansion, registering a 58.5 reading, up 0.5 percentage point month-on-month.

A speech from Federal Reserve chairman Jerome Powell at 0100 GMT will also draw an amount of investor attention.

No major corporate earnings were slated for release.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Home Depot Inc. (HD) $356.67 0.00%

Dowdupont Inc. (DWDP) $0.00 0.00%

Nike Inc. (NKE) $64.71 0.00%

Salesforce.Com Inc. (CRM) $230.98 0.00%

Travelers Company Inc. (TRV) $293.23 0.00%

Dow Jones - Fallers

Intel Corp. (INTC) $39.83 -1.79%

Amgen Inc. (AMGN) $342.20 -0.95%

Microsoft Corp. (MSFT) $487.38 -0.94%

Apple Inc. (AAPL) $277.17 -0.60%

Cisco Systems Inc. (CSCO) $76.61 -0.42%

S&P 500 - Risers

Synopsys Inc. (SNPS) $436.66 4.46%

Wynn Resorts Ltd. (WYNN) $132.75 3.16%

Diamondback Energy Inc. (FANG) $156.88 2.81%

Apache Corp. (APA) $25.63 2.63%

J.B. Hunt Transport Services Inc. (JBHT) $177.46 2.01%

Zions Bancorporation (ZION) $53.85 1.16%

Fifth Third Bancorp (FITB) $43.94 1.12%

Adobe Systems Inc. (ADBE) $323.35 1.01%

Monster Beverage Corp (MNST) $75.71 0.95%

Huntington Bancshares Inc. (HBAN) $16.44 0.86%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $62.39 -4.32%

Broadcom Inc. (AVGO) $388.98 -3.47%

Seagate Technology Plc (STX) $269.14 -2.73%

eBay Inc. (EBAY) $80.60 -2.65%

Western Digital Corp. (WDC) $159.59 -2.29%

Idexx Laboratories Inc. (IDXX) $738.41 -1.92%

Intel Corp. (INTC) $39.83 -1.79%

Starbucks Corp. (SBUX) $85.81 -1.49%

KLA-Tencor Corp. (KLAC) $1,160.41 -1.28%

Incyte Corp. (INCY) $103.13 -1.27%

Nasdaq 100 - Risers

Synopsys Inc. (SNPS) $436.08 4.32%

NetEase Inc. Ads (NTES) $143.68 4.07%

Wynn Resorts Ltd. (WYNN) $132.81 3.21%

J.B. Hunt Transport Services Inc. (JBHT) $178.69 2.72%

Adobe Systems Inc. (ADBE) $324.77 1.45%

Baidu Inc. (BIDU) $118.30 1.21%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $544.70 1.09%

Monster Beverage Corp (MNST) $75.73 0.99%

Asml Holdings N.V. (ASML) $1,069.77 0.92%

DENTSPLY Sirona Inc. (XRAY) $11.43 0.79%

Nasdaq 100 - Fallers

Broadcom Inc. (AVGO) $387.86 -3.75%

Seagate Technology Plc (STX) $267.39 -3.36%

eBay Inc. (EBAY) $80.69 -2.54%

Western Digital Corp. (WDC) $159.35 -2.44%

Idexx Laboratories Inc. (IDXX) $737.51 -2.04%

Incyte Corp. (INCY) $102.52 -1.86%

Starbucks Corp. (SBUX) $85.58 -1.76%

KLA-Tencor Corp. (KLAC) $1,155.53 -1.70%

Intel Corp. (INTC) $39.88 -1.68%

Sirius XM Holdings Inc (SIRI) $20.99 -1.27%