US stocks close lower, Dow loses 430 points

US stocks closed lower on Monday as market volatility persisted at the start of December, with investors turning risk-averse amid concerns over stretched valuations of technology stocks, in addition to a sharp sell-off in cryptocurrencies.

The Dow Jones Industrial Average fell 0.90%, or 427 points, to 47,289, after recording gains over the previous five sessions. The broader S&P 500 declined 0.53%, or 36 points, to 6,812, while the Nasdaq Composite slipped 0.38%, or 89 points, to 23,275.

In Europe, the Stoxx Europe 600 edged down 0.20% to 575.27 points, weighed by losses in Airbus shares. The FTSE 100 fell 0.18% to 9,702 points, Germany’s DAX declined 1% to 23,589 points, and France’s CAC 40 dropped 0.32% to 8,097 points.

In Japan, the Nikkei 225 slid 1.89% to 49,303 points, while the broader Topix decreased 1.20% to 3,338 points.

In commodities, Brent crude futures for February delivery rose 1.27%, or 79 cents, to $63.17 per barrel, while NYMEX WTI crude futures for January delivery gained 1.32%, or 77 cents, to $59.32 per barrel.

As for gold, February futures climbed 0.50%, or $19.9, to $4,274.80 per ounce.