US Equity Indexes Decline, Treasury Yields Surge in Midday Trading

01:27 PM EST, 12/01/2025 (MT Newswires) -- US equity indexes headed for the first decline in six trading sessions in midday trading on Monday amid a surge in government bond yields.

The Dow Jones Industrial Average declined 0.4% to 47,522.1, with the S&P 500 down 0.2% to 6,837.4 and the Nasdaq Composite 0.1% lower at 23,338.7. Last week, on the holiday-shortened Friday, all three gauges rose for the fifth consecutive trading session. Utilities, real estate, and healthcare led the decliners, while energy was among the gainers.

The Institute for Supply Management's US manufacturing index slid to 48.2 in November from 48.7 in October, compared with expectations for an increase to 49.0 in a survey compiled by Bloomberg.

The S&P Global US manufacturing index for November was, however, revised upwards to 52.2 from the flash reading of 51.9, compared with expectations for no revision in a survey compiled by Bloomberg. The index stood below 52.5 in October, indicating a slower pace of expansion.

Most US Treasury yields jumped, with the 10-year yield soaring 7.3 basis points to 4.09% and the two-year yield advancing 4.1 basis points to 3.53%.

Black Friday sales advanced 4.1%, surpassing expectations and last year's growth of 3.4%, according to a Stifel note, citing Mastercard data. "The latest read on consumer activity over the weekend follows last week's data showing a solid pace of retail spending in September, despite still-elevated cost pressures," Lindsey Piegza, Chief Economist, said in the note.

On the monetary front, the White House has settled on Chair Jerome Powell's successor, according to the Stifel note, citing media reports. While a formal announcement is expected "soon," the likely pick is now seen as current White House National Economic Council Director Kevin Hassett, who is viewed as being aligned with President Donald Trump's push for significantly lower rates.

In company news, Strategy (MSTR) reported it set up a $1.44 billion reserve to support dividend payments on its preferred stock and interest on outstanding debt. Its shares sank 9%, the steepest decline on the Nasdaq.

Synopsys (SNPS) said it deepened its partnership with Nvidia (NVDA) to link its engineering software more closely with the chipmaker's AI and accelerated computing platforms alongside a $2 billion equity investment. Shares of Synopsys (SNPS) jumped 4.5%, among the top gainers on the Nasdaq and the S&P 500.

West Texas Intermediate crude oil futures jumped 1.1% to $59.21 a barrel.

Silver futures surged 2.9% to $59.13, earlier touching a record $59.435. Gold futures rose 0.4% to $4,270.90.

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