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@starcahier 9 months ago

Market recap: December starts red, Crypto slides, Shopify and Airbus take hits

Market recap: December starts red, Crypto slides, Shopify and Airbus take hits

Markets pulled back to start December with the Dow, S&P, and Nasdaq all finishing red after a strong November. Crypto cooled off significantly. Bitcoin dropped to around $85k from highs over $90k, pulling stocks like Coinbase and Robinhood down with it. Shopify dropped 6% after merchants had trouble accessing systems on Cyber Monday, which is pretty bad timing. Airbus also took a 6% hit on reports of production flaws in A320 fuselages. Vaccine makers like Moderna and Pfizer slid on news that the FDA might tighten approval processes. On the positive side, Nvidia rose nearly 2% after announcing a $2B investment in Synopsys, which popped 7%. Silver hit a record high, and traders are now leaning toward a Fed rate cut next week.
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