US stocks dragged down by mega-cap tech giants while bitcoin jumps and gold hits record high

US stocks dragged down by mega-cap tech giants while bitcoin jumps and gold hits record high
Trader NYSE
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 9, 2020. REUTERS/Bryan R SmithBryan R Smith/Reuters
  • US stocks fell on Monday, with the major averages dragged down by a sell-off in mega-cap tech giants.

  • Gold hit a new record before retreating, while bitcoin jumped to its highest level since April 2022.

  • Investors are awaiting a slew of economic data this week, including the November jobs report.

US stocks edged lower on Monday, with mega-cap technology stocks dragging down the major indexes while gold surged to a new record and bitcoin hit its highest level since April 2022.

Monday's decline in the stock market comes after a five-week win streak for all three major averages. With corporate earnings in the rear-view mirror and the Federal Reserve in a quiet period this week, investors will set their attention to upcoming economic data which will reveal just how strong the jobs market is.

Job openings will be released on Tuesday, weekly jobless claims will come out on Thursday, and the November jobs report is due on Friday, informing the Fed's rate decision at the FOMC meeting next week.

The Fed is expected to keep interest rates unchanged, though expectations of interest rate cuts in early 2024 are starting to increase.

Geopolitical risks were back on investors' minds over the weekend after a ceasefire between Israel and Hamas ended. The fighting escalated as Israel set its focus on attacking the southern half of Gaza. Meanwhile, a US warship deflected drone attacks by Houthi rebels in the Red Sea.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: 

Here's what else is going on today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil dipped 1.08% to $73.27 a barrel. Brent crude, the international benchmark, fell 0.81% to $78.24 a barrel.

  • Gold fell 1.91% to $2,049.70 per ounce.

  • The 10-year Treasury yield jumped 8 basis points to 4.28%.

  • Bitcoin surged 4.68% to $41,851.

Read the original article on Business Insider