(Bloomberg) — Stocks staged a comeback as a global flight from risky assets faded, with Bitcoin halting its slide to support the shift in tone.
S&P 500 futures rose 0.3%, signaling the resumption of gains after Monday’s losses broke a rally that delivered the benchmark’s best week since May. European and Asian stocks also advanced. Nasdaq 100 contracts climbed 0.4%.
Subscribe to the Stock Movers Podcast on Apple, Spotify and other Podcast Platforms.
Bitcoin steadied after slumping more than 5%. Treasury yields at the longer end rose after a quiet start, with the 10-year rate up two basis points to 4.11%. The dollar was little changed.
The moves offered relief after a shaky start to what is typically a strong month for equities. Focus now shifts to the Federal Reserve for clues on the US rate outlook at next week’s meeting, with markets treating a cut as all but certain.
“For long-only investors like we are, I’d say in the absence of any major catalyst, it’s very much wait-and-see until the Fed meeting, while keeping an eye on US jobs and inflation data,” said Karen Georges, a fund manager at Ecofi Investissements in Paris.
Traders are looking for their next leg higher after a choppy November, when investors shifted into defensive sectors on concerns that lofty valuations could stall tech-driven gains. While global equities remain near record highs, the riskiest parts of the market are no longer drawing buyers as they once did.
Much now depends on the Fed’s decision at next week’s meeting. Disappointment would pose a risk for equities, though confidence in a cut remains high following softer labor and inflation data and a run of dovish comments from officials.
“Dips continue to present attractive buying opportunities,” wrote Michael Brown, senior research strategist at Pepperstone. “The narrative behind that bull case remains an attractive one, with earnings growth solid, the underlying economy resilient, a calmer tone on trade continuing to prevail, and the monetary backdrop growing looser.”
Anyone wagering against US stocks this month should factor in the economy’s strength and continued artificial-intelligence enthusiasm, according to 22V Research. Its strategists argued that robust consumer spending and ongoing AI investment will support productivity, allowing the profit growth needed to keep equities climbing.
US equity short sellers were down $80 billion in mark-to-market losses in the final week of November, according to data compiled by S3 Partners. That wiped out the bulk of what had been nearly $95 billion in month-to-date profits going into that period.
In commodities, silver pulled back from a record high, with a technical gauge showing that a six-day rally had pushed the metal into overbought territory. Copper also retreated amid signs that softer Chinese demand heading into winter might help to ease a looming global supply crunch.
What Bloomberg Strategists say…
“As Bitcoin steadies from Monday’s slump, it’s important to remember that recent downturns of this magnitude have often been followed by a recovery to fresh record highs. There is a reliable pillar of support for Bitcoin that should remain in place through next year: Federal Reserve interest-rate cuts should loosen financial conditions.”
— Conor Cooper, Macro Squawk. Click here to read the full analysis.
Corporate News:
MongoDB Inc. rose 24% in premarket trading after the database softwar firm reported stronger-than-expected results and raised its full-year target. ISS A/S shares slumped in Copenhagen amid concerns over the Danish company’s role in the renovation of a Hong Kong apartment fire where a deadly fire broke out on Nov. 26. Warner Bros. Discovery Inc. was fielding a second round of bids on Monday, including a mostly cash offer from Netflix Inc., in an auction that could wrap up in the coming days or weeks, according to people familiar with the discussions. Bank of Nova Scotia topped estimates on better-than-expected results at its capital-markets and wealth-management divisions even as it booked a restructuring charge to cut expenses. Bayer AG shares surged as much as 14%, hitting the highest level since January 2024, after the US Solicitor General urged the high court to consider the German company’s appeal targeting thousands of lawsuits blaming its Roundup weedkiller for causing cancer. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.3% as of 8:27 a.m. New York time Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average rose 0.1% The Stoxx Europe 600 rose 0.1% The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1616 The British pound was little changed at $1.3205 The Japanese yen fell 0.4% to 156.04 per dollar Cryptocurrencies
Bitcoin rose 1.1% to $87,404.54 Ether rose 1.7% to $2,839.32 Bonds
The yield on 10-year Treasuries advanced two basis points to 4.11% Germany’s 10-year yield advanced one basis point to 2.76% Britain’s 10-year yield advanced two basis points to 4.50% Commodities
West Texas Intermediate crude fell 0.2% to $59.19 a barrel Spot gold fell 0.6% to $4,207 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alexandra Semenova and Michael Msika.
©2025 Bloomberg L.P.