Traders work on the floor of the New York Stock Exchange (NYSE) in New York on December 1, 2025. Photo by CHARLY TRIBALLEAU / AFP via Getty Images

The start of a historically strong month on Wall Street saw stocks falling as traders shunned riskier corners of the market amid a selloff in cryptocurrencies. A rout in Japanese debt rippled through global bonds.

Caution prevailed as a rally that drove the S&P 500 to its longest streak of monthly gains since 2021 took a breather. A gauge of smaller companies underperformed. Nearly US$1 billion of leveraged crypto positions were liquidated during another sharp drop in prices that brought fresh momentum to a wide-ranging industry plunge. Bitcoin tumbled seven per cent to hover near US$85,000.

Despite the reduced appetite for risk, Treasu

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