The major averages pulled back to start December as cryptocurrencies dropped sharply today. The Dow Jones Industrial Average pulled back by 427 points, or 0.9%, to settle at 47,289. The S&P 500 fell 36 points or 0.53% while the Nasdaq fell 89 points or 0.38%. All three indexes snapped five-day win streaks.

Crypto currencies led the weakness with bitcoin down 6% and Ethereum down 8%. It was bitcoin’s worst day since March. Crypto-related stocks including Coinbase and Strategy, both down over 3%.

Numerous tech stocks were lower today. Broadcom fell 4% in the chip space. The rest of the chips were higher including Nvidia and Micron. Synopsys shares popped after Nvidia announced an investment in the company.

Amazon was modestly higher on Cyber Monday. Home Depot and Walmart were higher as well. The State Street SPDR S&P Retail ETF rose nearly 1%.

November was a turbulent month with the S&P 500 and Dow closed modestly higher for the month while the Nasdaq was down 1.5% to snapping a seven-month advance. December is seasonally a great month with the S&P 500 advancing, on average, more than a percent for December, making it the third-best month of the year for the benchmark in records going back to 1950, according to the Stock Trader’s Almanac.

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