On Monday, S&P futures declined, mirroring the downward trend in cryptocurrency prices, as market volatility persisted after a turbulent November. Futures for the Dow Jones Industrial Average declined by 181 points, representing a decrease of 0.4%. Futures associated with the S&P 500 and Nasdaq-100 experienced declines of 0.6% and 0.7%, respectively. Nvidia shares experienced a decline of approximately 1% prior to the market opening, mirroring the movement of AMD. Broadcom experienced a decline of 0.7%. Oracle shares experienced a decline of nearly 1%. Bitcoin, the flagship cryptocurrency, experienced a decline of over 5%, trading below $87,000. The digital currency experienced a decline late last month, dropping below $90,000 for the first time since April, and has since faced challenges in maintaining that threshold.

Market has concluded a robust week. Last week, the S&P 500 and Nasdaq Composite experienced significant gains of 3.7% and 4.9%, respectively, while the Dow Jones Industrial Average saw an increase of 3.2%. However, the market experienced turbulence and was far from a smooth trajectory in November. The S&P 500 and Dow ended the month unchanged, whereas the Nasdaq declined by 1.5%, marking the end of a seven-month upward trend. In November, the Nasdaq experienced a decline of nearly 8% compared to its closing value in October. Concerns regarding the valuations of artificial intelligence stocks exerted pressure on the major averages throughout the month.

Indeed, seasonality appears to favor market as December trading commences. The S&P 500 typically experiences an increase exceeding 1% in December, positioning it as the third most favorable month of the year for this benchmark, based on historical data dating back to 1950, as noted in the Stock Trader’s Almanac.

“I am a bit more constructive on the prospects for a positive December, given the sharp rally [last] week, which has helped market breadth to begin to rebound after a difficult early part of November,” Mark Newton, noted last week. “The equity market appears to be increasingly at ease as the likelihood of a December rate cut has risen.”