Stock market news: Dow, S&P, Nasdaq slip; US big pharma deal with UK, and Bitcoin falters

December did not start well for the market, with all the major indices in the red. Will the theories urging caution against expecting a Santa Claus rally hold? Well, this is just Day 1, and for some, the Christmas tree decorations are still pending.

So let us not entirely give up on the holiday cheer.

Meanwhile, let’s delve into the stocks that performed better than most, as well as some exciting new government developments.

• The S&P 500 declined 0.5%, pulled down by Moderna and Coinbase.
• The tech-heavy Nasdaq Composite was down 0.3%, with declines in stocks from Shopify, Strategy, and Broadcom.
• The Dow Jones, with a decline of more than 300 points, closed 0.7% lower.
• The small-cap Russell 2000 opened optimistically, but fell 1% at the close.

Monday, December 1, brought its blues, pulling the market down after the holidays, and even the crazy Cyber Monday deals couldn't give stocks the desired push. 

However, following the OPEC+ meeting on Sunday, oil prices rose 1.7% today.

Gold and silver also continued their upward trend, increasing by 0.2% and 2.2%, respectively.

Bitcoin's price drop

Today, however, cryptocurrency Bitcoin stole the limelight by collectively taking down the crypto market with it. Recording a 5.6% decline in a single day, it has now seen a 21% stock decline this quarter and closed at $86,511.

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Strategy, the Bitcoin Treasury company, fell 3%, with Coinbase, the cryptocurrency exchange, down 4.8% on Monday. 

However, giving shareholders some respite, the company announced today that it has established a $1.44 billion reserve to support payment of dividends on “preferred stock and interest on its outstanding indebtedness (“Dividends”).”

Black Friday attracts GenZ

Bitcoin, which gained popularity after Doland Trump became the US President, has now lost all its yearly gains.

Analysts get busy examining spending data from Black Friday and over Thanksgiving, also giving rise to a new debate: who is saving the Black Friday tradition of in-store shopping? According to a Bloomberg report, it's Gen Z. 

Brands are aware of this and are utilizing it to their advantage by attracting teens who are either influenced by or want to be part of the TikTok craze. 

One such brand, Bath and Body Works, known for its body essentials and fragrances, attracted huge crowds over the weekend. And after the holiday sales, it enjoyed a 9% surge in its stock price on Monday,  marking a 21% gain for the retailer this week, a brief spark in an otherwise dismal stock performance this year, down 51% year-to-date.

Related: White House claims it has decided on a new Fed chair

Bank of America's global research suggests that while Black Friday in-store traffic has declined since pre-COVID times, stores such as Walmart, Target, and Foot Locker have seen considerable store traffic.

Walmart saw increased interest in the technology section, and Target attracted toy and apparel traffic, underscoring happier customers who appreciated the deals over the general underwhelming attitude customers expressed toward this year’s Black Friday deals.

Healthcare continues to grow with new deals

Bausch Health, the parent company of Bausch and Lomb, famous for its contact lenses, was a top gainer today, with its stock up 11% intraday.

The surge followed the announcement by the global pharmaceutical company that its global aesthetic business, Solta Medical, had completed the acquisition of Wuhan Shibo Zhenmei Technology, a long-time distributor of Solta products in China, effective Monday, December 1, 2025.

Appio added that the existing local knowledge and distribution network ensures easier access to the “large customer base to drive future revenue and market share growth.”

The US-UK deal

In another historic healthcare event, as part of the U.S.-U.K. Economic Prosperity Deal (EPD), the US Trade Representative, the Department of Commerce, and the Department of Health and Human Services announced an agreement in principle with the National Health Service (NHS), under which the UK will increase the net price it pays for new medicines by 25%.

The deal aims to rebalance the pharmaceutical trade and boost investment in life sciences manufacturing and development across both countries. 

The deal is notable because, in the past, American companies had to shoulder a greater portion of the R&D burden to provide subsidized prices in other developed countries.

With this deal, US drugmakers can earn more in the UK in the future, while lowering prices for their American consumers.

In exchange, the US will exempt UK-made pharmaceuticals, pharmaceutical ingredients, and medical technology from tariffs under Section 232, as well as any future penalizing tariffs under Section 301, for the duration of President Doland Trump’s term.

Related: Veteran analyst unveils December stocks forecast