Stock Market Today: Dow, Nasdaq Drop; Bitcoin Price Surges – The Wall Street Journal

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Stocks turned lower Monday, with the tech-focused Nasdaq leading the way down. The rapid ascent in bond prices halted. Oil extended its recent slide.

Hawaiian Airlines stock headed skyward, boosted by a $1 billion takeover by its Alaskan rival. Uber Technologies shares rose on news that the ride-hailing company will join the S&P 500 index.

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In Monday afternoon trading:

Stocks slipped. The S&P 500, Dow industrials and Nasdaq Composite all turned lower after rising last week. The Dow was recently off less than 100 points.

Chip stocks fell. An index of chip shares was recently off more than 1.5%. Intel, Nvidia and Advanced Micro Devices all retreated.

Shares of Spotify rose. The streaming giant is laying off 17% of its staff in an attempt to become profitable.

Ten-year Treasury yields rose after settling at 4.225% Friday. Yields have slumped recently on bets that the Fed will cut interest rates next year.

The price of bitcoin climbed above $41,000, putting it on course for its highest end-of-day level since April 2022.

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