U.S. Stocks Diverged on Friday; Bitcoin Fell Below $93,000

Market Overview

U.S. stocks ended mixed on Friday. NVIDIA rebounded nearly 2%, helping the Nasdaq Composite snap a three-day losing streak, while both the S&P 500 and Dow Jones Industrial Average posted losses for a second straight session.

For the week, the S&P 500 and Dow eked out modest gains, whereas the Nasdaq declined for the second consecutive week.

In commodities, crude oil staged a strong rebound on Friday, erasing earlier weekly losses, while gold and silver both tumbled sharply.

During Mondays Asian session, market sentiment turned risk-off — mainland Chinese (A-shares) and Hong Kong (H-shares) stocks both closed lower, with the Shanghai Composite Index falling below the 4,000-point mark as AI hardware and tech shares led the decline.

Meanwhile, the crypto bear market deepened: Bitcoin slipped below $95,000 on Friday and briefly fell through $93,000 early Monday, wiping out all year-to-date gains and retreating more than 26% from its record high in October.

Hot Topics Ahead• U.K. Government May Scrap Tax Hike Plan

U.K. Chancellor Rachel Reeves reportedly abandoned plans to raise income taxes, triggering renewed concerns about the countrys fiscal sustainability. Following the news, U.K. equities, bonds, and the pound all declined — the FTSE 100 dropped over 1%, the pound weakened against the dollar, and gilt yields spiked.

Investors fear the government may instead adopt a series of smaller tax increases to cover a £30 billion budget gap, which could further drive up bond yields. Consequently, market expectations for a Bank of England rate cut have cooled.

• Is the Crypto Winter Back？

Bitcoin suffered its steepest sell-off of the year, plunging below $95,000 — a six-month low. On Thursday, U.S. Bitcoin ETFs recorded roughly $870 million in net outflows in a single day, while the Fear & Greed Index slipped into extreme-fear territory.

Tightening liquidity has amplified volatility, with over $1 billion in leveraged positions liquidated within 24 hours. Analysts warn that cryptocurrencies remain highly sensitive to macroeconomic risks and, with limited technical support, bearish sentiment may persist in the near term.

Key Data to Watch

21:30 (GMT+8) — U.S. NY Fed Manufacturing Index (Nov)

23:00 (GMT+8) — U.S. Construction Spending MoM (Aug)

Overnight:

02:00 (GMT+8) — Neel Kashkari, Minneapolis Fed President and 2026 FOMC voting member, hosts a fireside chat