December kicked off on a sour note, with all three major indexes snapping five-day win streaks. Despite coming into the week with improved sentiment, a steep Bitcoin (BTC) selloff combined with a turnover in tech stocks sent markets plummeting. The Dow slid 427 points, while the tech-heavy Nasdaq suffered its own steep losses, with the S&P 500 trailing closely behind. Despite a lift in both retail stocks and Nvidia (NVDA), traders were unable to pare back earlier losses.
GOLD SURGES TO 6-WEEK HIGHS
Oil prices jumped after Ukraine's attack on two oil tankers in the Black Sea, while investors unpacked the OPEC+ decision to pause output in early November. Also in focus was the newly closed Venezuelan airspace. January-dated West Texas Intermediate (WTI) crude added 77 cents, or 1.3%, to settle at $59.32 per barrel.
Gold futures surged, starting December with a six-week peak as a falling greenback and interest rate cut hopes loom. The now front-month February-dated gold futures settled up 0.4% to $4,273.30 per ounce.
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