Stocks Pressured by Higher Bond Yields

The S&P 500 Index SPY today is down by -0.59%, the Dow Jones Industrials Index DIA is down by -0.40%, and the Nasdaq 100 Index QQQ is down by -0.97%. December E-mini S&P futures (ESZ25) are down -0.55%, and December E-mini Nasdaq futures (NQZ25) are down -0.95%.

Stock indexes are moving lower today, pressured by higher bond yields and a selloff in cryptocurrencies. The 10-year T-note yield is up +7 bp to 4.08% on negative carryover from a surge in 10-year Japanese bond yields to a 17-year high after Bank of Japan (BOJ) Governor Ueda offered his clearest signal yet that the BOJ could raise interest rates again at this month’s BOJ meeting. Bitcoin is also down by more than -5% today, at a 1-week low, weighing on market sentiment. 

The price of Bitcoin M today are down by -12 ticks. The 10-year T-note yield is up by +6.9 bp to 4.083%. T-notes are under pressure today from a slump in 10-year Japanese government bonds to a 17-year low after BOJ Governor Ueda signaled the BOJ could raise interest rates at his month’s policy meeting. Also, today’s rally in WTI crude oil to a 1-week high has boosted inflation expectations, a bearish factor for T-notes. 

European government bond yields are moving higher today. The 10-year German bund yield climbed to a 1-week high of 2.736% and is up by +4.1 bp to 2.729%. The 10-year UK gilt yield is up +2.5 bp to 4.465%.

The Eurozone Nov S&P manufacturing PMI was revised downward by -0.1 to 49.6 from the previously reported 49.7, the steepest pace of contraction in 5 months.

ECB Governing Council member and Bundesbank President Nagel said, "Our projections suggest that interest rates in the Eurozone are currently in a good place."

Swaps are discounting a 3% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.

US Stock Movers

Cryptocurrency-exposed stocks are under pressure today, with Bitcoin down by more than -5% at a 1-week low. Strategy MSTR is down more than -7% to lead losers in the Nasdaq 100, and Coinbase Global COIN is down more than -5% to lead losers in the S&P 500. Also, Riot Platforms RIOT, MARA Holdings MARA, and Galaxy Digital Holdings GLXY are down more than -5%. 

Casino stocks with exposure to Macau are moving higher today after Macau's Nov gaming revenue rose +14.4% y/y. Wynn Resorts Ltd WYNN is up more than +3% to lead gainers in the S&P 500. Also, Las Vegas Sands LVS and Melco Resorts & Entertainment Ltd MLCO are up more than +2%. 

Energy producers and energy service providers are climbing today as the price of WTI crude rose to a 1-week high. Valero Energy VLO is up more than +2%. Also, Diamondback Energy FANG, Devon Energy DVN, ConocoPhillips COP, Halliburton HAL, Phillips 66 PSX, Marathon Petroleum MPC, Chevron CVX, and Occidental Petroleum OXY are up more than +1%. 

Sionna Therapeutics SION is down more than -11% after RBC Capital Markets downgraded the stock to underperform from sector perform with a price target of $24.

Coupang CPNG is down more than -5% as the company faces an investigation from South Korean authorities over a data breach that affected about 33.7 million customer accounts. 

Joby Aviation JOBY is down more than -5% after Goldman Sachs initiated coverage on the stock with a recommendation of sell and a price target of $10.

Shopify SHOP is down more than -4% after Oppenheimer said the pace of spending at the e-commerce firm moderated through Sunday during the Black Friday promotional period.

Moderna MRNA is down more than -3% to lead vaccine maker slower after William Blair flagged a report from the FDA that links Covid-19 vaccines in younger people to deaths associated with myocarditis. 

Leggett & Platt LEG is up more than +9% after Somnigroup International proposed to acquire all outstanding shares of the company for $12 per share 

Chime Financial CHYM is up more than +6% after Goldman Sachs upgraded the stock to buy from neutral with a price target of $27.

Synopsys SNPS is up more than +3% to lead gainers in the Nasdaq 100 after Nvidia said it invested $2 billion in the company after announcing a multi-year strategic partnership with the company.

Walt Disney DIS is up more than +1% to lead gainers in the Dow Jones Industrials after its Zootopia 2 movie pulled in $272 million in China over the weekend, the second-biggest opening ever for a foreign film.

Earnings Reports(12/1/2025)

Credo Technology Group Holding (CRDO), Dakota Gold Corp (DC), Lifezone Metals Ltd (LZM), Lionsgate Studios Corp (LION), MongoDB Inc (MDB), Simulations Plus Inc (SLP), Spire Global Inc (SPIR), Triller Group Inc (ILLR), Vestis Corp (VSTS). 

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.For more information please view the Barchart Disclosure Policy here.

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