S&P 500 (VOO) Sinks Amidst Crypto Selloff

This article will be updated throughout the day, so check back often for more daily updates.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) gained 3% over the final, holiday-shortened, three-and-a-half-day-long trading week last week, but as December trading opens on Monday the momentum seems spent. Shares of the ETF look set to open down 0.7%, as Wall Street adopts a “risk-off” posture — and Bitcoin is falling 6% to less than $86,000.

Rival cryptocurrencies Ethereum and Solana are doing even worse, both down more than 7% at $2,807.86 and $126.29, respectively. People’s Bank of China warned Saturday against unspecified illegal activities involving digital currencies, spooking investors in the asset class.

CNBC blames this news, as well as investors who used leverage to buy crypto on its way up — and now have to sell even more to cover their super-sized losses on the way down — for the magnitude of the slide.

One rare bit of good news this morning: Synopsys (Nasdaq: SNPS), which makes the software that controls the equipment that manufactures semiconductor equipment, is gaining more than 7% after Nvidia (Nasdaq: NVDA) announced  this morning it has bought $2 billion-worth of Synopsys stock. The companies say they are partnering to develop “next-generation intelligent systems” integrating “electronics and physics, accelerated by AI capabilities and compute.”

Crypto is selling off and the S&P 500 is down this morning.

A $2 billion investment from Nvidia drives Synopsys stock higher.

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And handful of analysts are upgrading equities this post-Thanksgiving Day week, but there’s not a lot of detail yet on why:

HSBC analyst Kim Fustier upgraded Chevron (NYSE: CVX) to buy with a $169 price target.

Arete analyst David Mak upgraded Take-Two Interactive (Nasdaq: TTWO) to buy with a $284 price target.

Northcoast Research analyst Keith Housum upgraded Motorola Solutions Inc. (NYSE: MSI) buy with a $450 price target.

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