Markets Stabilize Early as Oil Drops and Crypto Extends Its Slide

Markets opened Monday in a cautious tone, balancing weaker oil prices, a modest futures rebound, and fresh pressure across crypto assets. After last week’s volatility, driven by the shutdown, tech pullbacks, and shifting rate-cut expectations, investors entered the morning looking for clarity in price action rather than macro catalysts.

Oil immediately set the tone. Brent slipped back under $64, and WTI drifted toward $59, after signs that Russia’s Novorossiysk port had quietly resumed operations, an outcome traders thought would take longer following Friday’s Ukrainian strike. The quick restart erased the geopolitical premium that lifted prices late last week, returning attention to the broader surplus building in the market.

Equity futures followed a similar theme: stabilizing, but not enthusiastic.
The Dow edged higher, while the S&P 500 and Nasdaq 100 opened with mild gains of 0.4–0.6%, helped by dip-buying in large-cap tech and some relief rotation into defensive sectors.

The technical picture, however, remains the real story this morning.

The S&P 500 opened just above its 50-day moving average, a level it has now tested twice in the past week. Friday’s defense of that support was encouraging, but repeated retests show a trend losing momentum. Bulls want to see the SPX hold this level again today — ideally with enough follow-through to avoid yet another fade.

The Nasdaq opened slightly stronger, rebounding after megacap softness last week. But there is still no convincing attempt to reclaim lost ground from Alphabet, Amazon, or Meta. Nvidia sentiment is helping ahead of Wednesday’s earnings, but traders are not yet positioning aggressively.

Small caps remain the trouble spot.
The Russell 2000 hit a two-month low earlier and is now clinging to its 100-day moving average. That bounce is supportive, but losing the 50-day last week continues to weigh on the broader risk tone.

Despite the shaky backdrop, market breadth has actually improved.
More stocks across the SPX, Nasdaq, and Russell are trading above their 200-day moving averages, signalling rotation rather than outright risk aversion. Defensive sectors, healthcare, staples, and energy are quietly acting as stabilisers.

If equities are trying to recover, crypto is doing the opposite.

Bitcoin extended its decline this morning, trading below $94,000 after erasing nearly all of its 2025 gains. The October peak above $126,000 now feels distant, and nearly $600 billion in market value has evaporated since then. The pressure is showing up in equities too: Coinbase and Robinhood remain deep in the red for November, and Strategy Inc. is trading closer to the book value of its Bitcoin holdings, a clear sign of evaporating conviction.

Ultimately, the tone at the open is one of stabilization, not confidence. Oil is correcting, futures are firm but cautious, and crypto continues to unwind. The broader market is holding key supports, for now, but buyers are selective, and volatility remains elevated.