U.S. stocks closed modestly lower on Monday, weighed down by a jump in Treasury yields and economic data that showed tariffs remained a drag on the manufacturing sector, as investors looked toward the Federal Reserve's policy announcement next week.

Market Snapshot

The Dow Jones Industrial Average .DJI fell 427.09 points, or 0.90%, to 47,289.33, the S&P 500 .SPX lost 36.46 points, or 0.53%, to 6,812.63 and the Nasdaq Composite .IXIC lost 89.76 points, or 0.38%, to 23,275.92.

Market Movers

Crypto-linked stocks broadly slid following another selloff in Bitcoin, which has fallen 5.5% over the past 24 hours to $86,055, a retreat below $90,000. Coinbase Global, the digital-asset exchange, dropped 4.8%. Strategy, the biggest corporate holder of the cryptocurrency, tumbled 3.3%, while online trading platform Robinhood Markets was down 4.1%.

Strategy disclosed Monday that it had purchased 130 digital tokens for $11.7 million in the nearly two-week period from Nov. 17 through Sunday, bringing its total holdings to 650,000 Bitcoins. The company also said it had established a $1.44 billion U.S. dollar reserve "to support the payment of dividends on its preferred stock and interest on its outstanding indebtedness."

Nvidia, the leader in chips for artificial intelligence, reversed earlier losses and rose by 1.7%. Apple was up by 1.5%, while Alphabet fell by 1.7%. Apple and Alphabet both threatened to snatch Nvidia's title as the largest U.S. company by total market capitalization last week, amid questions over whether Nvidia's graphics processing units can maintain their dominant market share.

Synopsys gained 4.9%. Nvidia said it had invested $2 billion in Synopsys common stock, marking an extension of an existing strategic partnership.

Moderna and Novavax decreased 7% and 5.1%, respectively, after the Food and Drug Administration's top vaccine regulator said in an internal memo that the agency would introduce stricter vaccine approval rules.

Airbus stock declined 5.8% in France and 3.2% in the U.S., where it trades over the counter. On Friday, Airbus announced a "precautionary fleet action" for A320-family jets that could be affected by solar flares. Boeing was down 1.3% after rising earlier in the session.

New Fortress Energy jumped 7.4%. Regulators in Puerto Rico said late Friday they had tentatively approved a contract with the liquefied natural gas supplier, which has faced questions about its ballooning debt. The stock is down 91% this year.

Coupang, Inc. slipped 5.4% after the South Korean online retailer disclosed it had suffered a data breach beginning in June. Authorities said they were investigating the hack, which exposed about 34 million accounts. Coupang shares are listed on the New York Stock Exchange.

U.S.-listed shares of NIO dipped 5.8%, XPeng declined 2.2%, and Li Auto fell 2.5% after the Chinese electric-vehicle makers reported their deliveries for November. NIO delivered 36,275 vehicles last month, up 76% from a year earlier; XPeng's deliveries in November gained 19%; and Li Auto said it delivered 33,181 vehicles in November.

Tesla, their U.S. rival, was flat on the heels of a strong finish to November. Shares gained 10% in the holiday-shortened week, leaving them down about 6% for the month.

Precious metal miners Barrick Mining Corporation and Newmont Mining were up 2.3% and 1.2%, respectively, as gold futures rose and silver hit a record high of $58.61 an ounce. Silver prices have soared this year, thanks to booming industrial demand and a trickle-down of safe-haven money away from gold. On Monday, Barrick announced it would explore an initial public offering of a subsidiary that would hold its premier $North American(FNCSF)$ gold assets.

Leggett & Platt surged 16%. Mattress manufacturer Somnigroup International submitted a proposal to acquire Leggett & Platt in an all-stock transaction at $12 a share, representing a 30% premium to the stock's average closing price over the past 30 days. Somnigroup was up 1.8%.

Market News

Warner Bros Discovery gets mostly cash offer from Netflix, source says

Warner Bros Discovery WBD.O has received a second round of bids, including a mostly cash offer from Netflix NFLX.O, in an auction that could conclude in the coming days or weeks, a source familiar with the matter told Reuters on Monday.

Bankers for Paramount Skydance PSKY.O, Comcast CMCSA.O and Netflix worked over the weekend on improved offers for all or part of Warner Bros, the source added.

Amazon to deliver essentials, groceries in 30 minutes in parts of Seattle, Philadelphia

Amazon.com said on Monday it is testing ultra-fast delivery of household essentials and fresh groceries in parts of Seattle and Philadelphia, as the company doubles down on efforts to grow its domestic footprint.

The service, called "Amazon Now", will deliver items including milk, eggs, fresh produce and electronics, in about 30 minutes or less, the company said in a blog.