Stock market today: Asian shares fall as China reports lackluster data, while bitcoin hits new highs

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Broadcom Inc.,Asia,Charles Schwab

Shares have retreated in Asia after China reported lackluster economic indicators for November, while bitcoin surged to fresh highs, topping $106,000. Oil prices fell and U.S. futures were little changed. Retail sales slowed in China in November, while growth in factory output was flat and home sales declined.

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The S&P 500 ended essentially flat, down less than 0.1% at 6,051.09. The benchmark index posted a loss for the week, its first after three straight weekly gains. But some tech stocks were a drag on the market. Nvidia fell 2.2%, Meta Platforms dropped 1.7% and Google parent Alphabet slid 1.1%. Wall Street’s rally stalled this week amid mixed economic reports and ahead of the Federal Reserve’s last meeting of the year. The central bank is widely expected to cut interest rates for a third time since September when it meets this week.

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