# Stock Market Today: Nasdaq Slips on Weak ADP Jobs Data as Bitcoin Surges Past $92K Amid Rate Cut Bets
Picture this: Wall Street traders huddle around screens, jaws dropping as a bombshell jobs report flips the script on economic optimism. On December 4, 2025, the Nasdaq edges lower while Bitcoin rockets higher, all sparked by yesterday’s ADP revelation of unexpected private-sector job losses—signaling cracks in America’s labor fortress just ahead of the Fed’s pivotal rate decision.
The stock market today, Nasdaq slips, Bitcoin rises, and ADP report job losses have seized headlines, fueling a whirlwind of trader bets and economist debates. As markets digest the fallout from ADP’s November tally—revealing a net drop of 32,000 private payrolls against forecasts for a 40,000-job gain—the spotlight intensifies on small businesses, which axed 120,000 roles amid tariff squeezes and cautious spending. Larger firms added 90,000 spots, but the overall chill has jacked up odds for a Federal Reserve rate trim next week to near 90%, per CME FedWatch futures. Yesterday’s close painted a split canvas: The Dow climbed 0.9% to 47,946, buoyed by industrial stalwarts, while the S&P 500 eked out a 0.4% gain to 6,829—yet the tech-laden Nasdaq dipped 0.4% to 23,321, hammered by AI jitters and software sell-offs.
Flash back to the ADP drama: Released December 3, the report spotlighted brutal hits in manufacturing (-18,000 jobs), professional services (-26,000), information (-20,000), and construction (-9,000), with pay growth for job-stayers cooling to 4.4% year-over-year. Economists like Goldman Sachs’ Jan Hatzius flagged this as a “sensitive moment,” especially with the official BLS nonfarm payrolls delayed until December 16 due to lingering government shutdown ripples. ADP Chief Economist Nela Richardson called it “choppy hiring” in a macro fog of uncertain consumers and policy flux, but cautioned it’s no full-blown rout—yet. Sector-wise, services PMI ticked up slightly to 52.6, hinting at mild expansion, while prices paid eased—a balm for inflation hawks eyeing Friday’s PCE data.
The Nasdaq’s slip? Blame the Magnificent Seven’s wobbles. Nvidia shed 1.4% on AI spending qualms, Micron and Marvell each tumbled 2%, dragging the index as investors rotated out of high-flyers. Broader market vibes soured pre-bell, with S&P futures down 0.2% and Nasdaq off 0.5% at open, per CNBC tracking. Standouts included Macy’s, popping on a surprise Q3 profit of $0.09 per share versus expected losses, though shares dipped slightly in after-hours. GitLab cratered 8% post-earnings miss, Okta slipped 4% despite upbeat guidance, and Acadia Healthcare plunged 30% on litigation cost bombs.
Flip to crypto: Bitcoin’s phoenix rise stole the show, surging 8.5% to $92,076—its two-week high—erasing Monday’s brutal $7,000 plunge below $85,500. The rebound, fueled by risk-on hedging and ETF inflows, saw BTC tap $93,000 intraday, with analysts eyeing $97,100 resistance if momentum holds. MicroStrategy dipped 2.9% in sympathy but couldn’t dim the digital gold rush, as liquidations topped $1 billion amid the volatility. December seasonality? Historically bullish at 9.7% average gains, though four of the last five years bucked that trend.
Wall Street’s whisper network buzzes with split takes. Bullish voices like Pantheon Macroeconomics’ Samuel Tombs dismiss ADP’s gloom as “loosely correlated” noise, projecting 75,000-100,000 private adds in BLS data. Bears, including Main Street Alliance’s Richard Trent, blast Trump-era tariffs for small-biz carnage, warning of “lasting damage” in a $120,000-job hemorrhage. On X, frenzy reigns: @MarketMaverick ranted, “ADP jobs flop = Fed panic cut incoming? Nasdaq bloodbath, but BTC to $100K!”—garnering 15K likes—while @EconWatchdog countered, “Don’t overreact; small firms always volatile. S&P holds the line.” Retail crowds pile into Bitcoin calls, per CoinGlass, as fear-greed flips from extreme fear (28) to cautious neutral.
For U.S. households, this cocktail stirs real-world ripples. The ADP shock amps recession whispers, potentially hiking unemployment to 4.2% if BLS echoes it—squeezing 401(k)s already down 1% YTD for Nasdaq-heavy portfolios. Economically, small-biz woes (74,000 losses at 20-49 employee firms) threaten Main Street spending, which drives 70% of GDP—think delayed holiday hires at your local diner. Politically, it spotlights tariff blowback: Trump’s 2025 revamp jacked import costs 15%, per NFIB surveys, fueling Rust Belt gripes ahead of midterms. Tech-wise, AI hype cools, but Bitcoin’s boom perks up crypto-curious millennials in tech hubs like Austin, where ETF trades hit record $50B YTD. Lifestyle hit? Gas at $3.20/gallon holds, but job jitters curb Black Friday splurges—Walmart warns of 5% sales dip if hiring stalls.
As December 4 trading wraps, futures hint at a tepid open: Dow flat, S&P off 0.1%, Nasdaq down 0.3%—with eyes glued to PCE inflation Friday. Bitcoin’s $92K perch tempts bulls toward $100K by year-end, per CoinCodex models, but a Nasdaq breach below 23,000 could unleash more pain. Volatility reigns, but one truth endures: In this jobs jamboree gone sour, opportunity lurks for the nimble—whether shorting tech or longing crypto.
In summing up, today’s stock market today, Nasdaq slips, Bitcoin rises, and ADP report job losses saga underscores a labor market at a crossroads: resilient yet ragged. Looking ahead, a Fed cut could ignite rallies, but BLS confirmation—or contradiction—will dictate if this dip’s a blip or bust. Investors, brace for the bounce.
Sam Michael
Follow us for real-time updates and subscribe to push notifications—stay ahead of the stories that matter.