US stocks close lower on negative economic data, rise in Treasury yields

ISTANBUL

US stocks ended lower Monday, weighed down by negative economic data and a hike in Treasury yields as investors focused on domestic economic data to be released this week.

The Dow Jones Industrial Average dropped 0.90%, or 427.09 points, to close at 47,289.33.

The Nasdaq fell 0.38%, or 89.76 points, to 23,275.92, while the S&P 500 lost 0.53%, or 36.46 points, to 6,812.63.

The Volatility Index (VIX), also known as the "fear index," rose 5.44% to 17.24.

The US Manufacturing Purchasing Managers' Index (PMI) fell below expectations to 48.2 in November, indicating that the sector continues to contract.

The index, which shows the manufacturing sector contracting for nine consecutive months, recorded its lowest level since July.

Meanwhile, following statements by Bank of Japan (BOJ) Governor Kazuo Ueda that the possibility of an interest rate hike would be evaluated in December, US Treasury yields rose, driven by weakness in Japanese and European government bonds. The US 10-year Treasury yield rose to 4.1%.

A decline in the cryptocurrency market following China's warnings about crypto assets also drew attention, with the price of Bitcoin, the largest cryptocurrency by market capitalization, falling more than 6% in the last 24 hours to trade at approximately $86,000.

After US chipmaker Nvidia announced a $2 billion investment in Synopsys, a provider of semiconductor design software, Synopsys's shares rose 4.9%.