Crypto News: The dual selloff

The start of what's historically been a strong month on Wall Street saw stocks fall, with traders shunning riskier corners of the market amid a selloff in cryptocurrencies. A rout in Japanese debt also rippled through global bonds as caution prevailed on Monday.

Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices that brought fresh momentum to a wide-ranging industry plunge. Bitcoin tumbled 7% to around $85,000. Here's your markets wrap. —Natasha Solo-Lyons

What You Need to Know Today

Costco joined a fast-growing list of businesses suing the Trump administration to ensure eligibility for billions of dollars in refunds if the US Supreme Court upholds a federal appeals court ruling that struck down many of the Republican's tariffs as illegal.

The nation's biggest warehouse club chain is among dozens of companies to sue in a US trade court since late October challenging Trump's use of an economic emergency powers law to impose the levies. It's one of the biggest corporate players to jump into a fight largely driven this year by small businesses and Democratic state officials.

Trade War

Costco Joins Companies Suing for Refunds If Trump Tariff Ruling Upheld

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Trump's trade war and the uncertainty surrounding it may be what's behind shrinking US factory activity. It fell in November by the most in four months as orders weakened, indicating manufacturers are struggling to break free from an extended period of malaise.

The Institute for Supply Management's manufacturing index eased 0.5 point to 48.2, according to data released Monday. The measure has been below 50—which indicates contraction—for nine straight months.

Authorities found Hong Kong's deadly blaze was accelerated by workers using cheaper substandard netting and evading government testing, as police said the death toll has risen to 151. Samples taken from hard-to-reach areas at Wang Fuk Court failed safety tests, while lower-floor samples met legal standards, officials said.

After a typhoon damaged the original netting, individuals being investigated bought 2,300 rolls of substandard netting at HK$54 ($7) a roll, enough to cover all eight buildings, the head of Hong Kong's anti-graft agency Woo Ying Ming said.

The destroyed facade of a tower following a fire at the Wang Fuk Court residential estate in the Tai Po district of Hong Kong last week. Photographer: Leung Man Hei/Bloomberg

New York Mets owner Steve Cohen won approval to operate a casino next to Citi Field in Queens, one of three projects the state gaming commission's facility location board selected for gambling licenses in New York City. Cohen, the hedge fund mogul who submitted an $8 billion casino proposal with partner Hard Rock International, was picked alongside Genting Group's Resorts World and Bally's.

Genting proposes to expand a casino next to the Aqueduct racetrack in Queens, while Bally's plans to operate a gaming facility at the site of a Bronx golf course previously developed by Trump. Bally's shares jumped as much as 11.5% before pairing gains to about 1%.

Military

White House Backs Hegseth Amid Potential US War Crimes Allegations

Trump scrambled with the fallout of a Washington Post report saying his Pentagon chief ordered the military to kill everyone on a vessel, allegedly resulting in a second strike aimed at killing survivors of a first.

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A fast-moving storm will drag a mix of wintry weather across the US Midwest and South before dropping heavy snow across New England and rain in New York and Washington. The storm is already dumping snow across Kansas and is threatening Arkansas with a coat of ice as it moves east through Monday, said Richard Otto, a forecaster with the US Weather Prediction Center. The heaviest snow is expected to hit Upstate New York and parts of Massachusetts up through Maine, where as much as 12 inches (30 centimeters) may fall overnight into Tuesday.