US stocks dragged down by mega-cap tech giants while bitcoin jumps and gold hits record high

• US stocks fell on Monday, with the major averages dragged down by a sell-off in mega-cap tech giants.
• Gold hit a new record before retreating, while bitcoin jumped to its highest level since April 2022.
• Investors are awaiting a slew of economic data this week, including the November jobs report.

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US stocks edged lower on Monday, with mega-cap technology stocks dragging down the major indexes while gold surged to a new record and bitcoin hit its highest level since April 2022.

Monday's decline in the stock market comes after a five-week win streak for all three major averages. With corporate earnings in the rear-view mirror and the Federal Reserve in a quiet period this week, investors will set their attention to upcoming economic data which will reveal just how strong the jobs market is. 

Job openings will be released on Tuesday, weekly jobless claims will come out on Thursday, and the November jobs report is due on Friday, informing the Fed's rate decision at the FOMC meeting next week.

The Fed is expected to keep interest rates unchanged, though expectations of interest rate cuts in early 2024 are starting to increase.

Geopolitical risks were back on investors' minds over the weekend after a ceasefire between Israel and Hamas ended. The fighting escalated as Israel set its focus on attacking the southern half of Gaza. Meanwhile, a US warship deflected drone attacks by Houthi rebels in the Red Sea. 

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: 

• S&P 500: 4,569.78, down 0.54%

• Dow Jones Industrial Average: 36,204.44, down 0.11% (41.06 points)

• Nasdaq Composite: 14,185.49, down 0.84%

Here's what else is going on today: 

• A record 8.5 million Chinese borrowers – about 1% of the country's working-age adults – are blacklisted by their government for failing to pay their debts.
• Li Lu, A close friend and confidant of Charlie Munger, recently published a tribute to the legendary investor who died last week.
• Gold prices hit a record high on Monday before retreating as investors start to consider the potential for interest rate cuts in 2024.
• Bitcoin surged above $42,00 to hit its highest level since April 2022 as investors continue to anticipate the potential approval of a spot bitcoin ETF.
• The Biden administration plans to refill the strategic petroleum reserve amid a steady decline in oil prices over the past few months.
• Spotify is cutting 17% of its staff in its third round of layoffs as it attempts to cut costs and get more lean. Here's the memo from the CEO.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil dipped 1.08% to $73.27 a barrel. Brent crude, the international benchmark, fell 0.81% to $78.24 a barrel. 
• Gold fell 1.91% to $2,049.70 per ounce. 
• The 10-year Treasury yield jumped 8 basis points to 4.28%.
• Bitcoin surged 4.68% to $41,851.