Crypto on the market’s “naughty list”?

After ending last month on a high note, markets lost momentum and stumbled on Monday, tripped up by a crypto selloff.

The three major US indexes ended their 5-day winning streak as bitcoin, the world’s largest cryptocurrency, fell around 6% to trade below $86,000, putting downward pressure on the stock market.

It was the worst day for Bitcoin since March. Late last month, the digital currency fell below $90,000 for the first time since April and has since struggled to stay above that mark.

Even as the chances of the Fed’s expected year-end Christmas present of a rate cut increase, investors appear to have put crypto on the “naughty list.”

As we approach December, could markets shake off the crypto chill, and will tech stocks be the heroes that continue to push stocks higher? Watch this space.

Nvidia-Synopsys partnership. The company announced Monday that it purchased $2 billion worth of Synopsys common stock as part of a strategic partnership to accelerate computer engineering and AI solutions.

Apple’s AI chief resigns. John Giannandrea, who has held the position since 2018, will be replaced by Amar Subramanya, an AI researcher who most recently worked for Microsoft and was previously part of Google’s DeepMind AI unit. Giannandrea will continue to serve as an advisor until his retirement next spring, Apple said.

Selling crypto. Bitcoin and ether plunged on Monday, dropping 5% and 7%, respectively. A Saturday statement from the People’s Bank of China warning of illegal activities related to digital currencies put increased pressure on Hong Kong-listed shares of companies linked to digital assets on Monday.

Markets are sliding. All three U.S. indexes ended five straight days of winning streaks, with the Dow Jones Industrial Average posting the biggest loss, down 0.9%. The Nasdaq Composite lost 0.38% and the S&P 500 lost 0.53%.

(PRO) Analysts are positive on electric plane stock. Wall Street analysts are bullish on electric plane maker Beta Technologies, with Goldman Sachs, Morgan Stanley and Bank of America initiating their coverage with a buy rating. Citi, which considers it a high-risk, high-reward stock, has set a target price suggesting a 50% upside.

Kalshi targets crypto traders with tokenized betting contracts

Punters on exchange and prediction marketplace Kalshi can now buy and sell tokenized versions of their bets on Solana, the company exclusively told CNBC on Monday.

It’s the latest sign that the prediction market company is stepping up its efforts to win over the same cryptocurrency holders who have pumped billions of dollars of digital assets into rival Polymarket.

Tokenization refers to the creation of a digital version of a real financial asset such as a stock, bond, or Treasury note. The resulting token, which can be held or traded like a normal asset, resides on a decentralized ledger called a blockchain, such as Solana or Bitcoin.

—Liz Napolitano