On to December, with some early selling interest

Briefing.com Summary:

*Bitcoin and other cryptocurrencies have come under renewed selling pressure.

*November manufacturing PMI readings are a focal point today. 

*President Trump did not name his candidate, but he said that he has made his selection.

To begin, the stock market had a big week last week in just three-and-a-half days of trading. For some context, consider that the Dow Jones Industrial Average had the “worst” week, and it was up 3.2%. The Russell 2000 was the star of the show, soaring 5.5%.

There is some weakness this morning, however, on what is the first day of December, a typically good month for the stock market.

Currently, the S&P 500 futures are down 42 points and are trading 0.6% below fair value, the Nasdaq 100 futures are down 215 points and are trading 0.9% below fair value, and the Dow Jones Industrial Average futures are down 203 points and are trading 0.4% below fair value.

This weak disposition has been catalyzed by the following factors:

• Renewed selling of Bitcoin (-6%) and other cryptocurrencies, which is driving concerns about forced liquidation.
• Weakness in the mega-cap stocks.
• Growth concerns tied to contraction readings (sub-50.0) for the November Manufacturing PMI readings for China (49.2) and the eurozone (49.6).
• Bear-steepener action in the Treasury market, where long-term rates are rising faster than short-term rates in a move that often feeds on inflation worries.
• General profit taking after last week’s sharp rebound effort.

Of course, given the way this bull market has behaved, we have to point out that we have an opening indication with the equity futures trade, not a closing indication. Time and again, this market has taken an early hit only to come back quickly with a buy-the-dip burst.

It is quite possible that today follows that script, but it will presumably take a turn in the mega-cap stocks and Bitcoin to make that happen in a concerted manner.

There will be some economic data today that will influence trading matters. The final November S&P Global US Manufacturing PMI (prior 51.9) is out at 9:45 a.m. ET and will be followed by the November ISM Manufacturing Index (Briefing.com consensus: 49.0%; prior 48.7%) at 10:00 a.m. ET.

There are various reports highlighting Black Friday sales activity. Mastercard Spending Pulse said U.S. retail sales excluding autos were up 4.1% yr/yr on Black Friday, although the data are not adjusted for inflation.

On a somewhat related note, in terms of the inflation factor, President Trump said he has made his pick for the next Fed Chair but did not name his candidate. Bloomberg reports that NEC Director Kevin Hassett is likely to be the president’s choice.

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Originally Posted December 1, 2025 – On to December, with some early selling interest