Tech Stocks Weigh on the Broader Market, Silver Surges Back Above $64, Bitcoin Slips Below $86K

Market Overview

Ahead of the U.S. nonfarm payrolls report, market sentiment remained cautious. The selloff in AI-related stocks continued, with names such as Broadcom and Oracle extending last weeks losses, dragging down both the technology sector and the broader U.S. equity market. Broadcom plunged 5.7% on the day, bringing its three-day cumulative decline to 18%, marking its worst three-day performance since March 2020. CoreWeave and Circle also saw sharp declines. In a particularly striking development, iRobot, the pioneer of robotic vacuum cleaners, announced bankruptcy, sending its shares down roughly 70%. In contrast, Tesla bucked the broader trend, rising more than 3% to a fresh year-to-date high.

On the macro front, U.S. Treasury volatility fell to its lowest level since May of last year, while the 10-year Treasury yield edged modestly lower. The U.S. dollar index posted its fourth consecutive daily decline. Meanwhile, the offshore renminbi strengthened, briefly breaking through the 7.04 level during the session.

Cryptocurrencies came under renewed pressure. Bitcoin fell more than 5% intraday, briefly slipping below $86,000, while Ethereum failed to sustain its rebound and dropped back below $3,000. Commodity performance was mixed. Gold retreated sharply after an early rally, falling more than 1.5%, while silver significantly outperformed, surging 3.7% against the trend and reclaiming the $64 level.

Key Themes to Watch

● New York State Manufacturing Activity Unexpectedly Contracts

After two consecutive months of solid growth, manufacturing activity in New York State unexpectedly slipped into contraction territory in December. Weighed down by stagnant orders and declining shipments, the headline index fell to -3.9, well below market expectations. That said, the report was not without positive signals: the outlook index climbed to its highest level since early this year, the prices paid index dropped to its lowest level since January, and employment indicators showed a modest improvement.

● Heavy Selling Pressure Looms for Gold and Silver Futures

JPMorgan has warned that after three consecutive years of outperforming the broader market, gold and silver have become significantly overweight within the Bloomberg Commodity Index (BCOM). During the index rebalancing in January 2026, passive funds are expected to engage in so-called “technical selling.” Estimated futures selling could amount to approximately 9% of total open interest in silver and around 3% in gold.

Key Data to Watch (GMT+8)

21:30 (US)

• U.S. November Unemployment Rate

• U.S. November Nonfarm Payrolls (in thousands)

• U.S. October Retail Sales MoM

• U.S. November Average Hourly Earnings YoY / MoM

22:45 (US)

• U.S. December S&P Global Manufacturing PMI (Preliminary)

• U.S. December S&P Global Services PMI (Preliminary)

23:00 (US)

• U.S. September Business Inventories MoM