Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Monday, December 4th, and I'm your host Kim Kahn. Our top story so far.

Cryptostocks are rallying as Bitcoin continues to climb.

Bitcoin hit a peak of $41,800 before pairing gains as market sentiment turned negative.

Coinbase, micro strategy, Riot platforms, CleanSmark, and others were gaining.

Bitcoin has rallied on expectations for Fed rate cuts and growing optimism

surrounding the imminent approval of E.T.F. applications. Analysts anticipate SEC approval

as soon as January.

Bitcoin is up around 150% this year.

There was speculation that money could be rotating into crypto

and out of the Magnificent Seven stocks,

which are weighing on the major averages today.

The NASDAQ is the weakest, down 1.5%,

with the S&P off 1% and the Dow down half a percent.

The Bloomberg Magnificent 7 total return index is down more than 2% today and it's down more than 4% since a recent peak on November 29th.

B of A noted that in November, regional banks up 16% actually outperformed the Magnificent 7 up 14%

as a buyer's strike and leverage ended.

A rise in rates today may have put some pressure on growth stocks.

The 10-year Treasury yield is back

near 4.3%. In economic data, October factory orders fell more than expected.

Among active stocks, Camico, Uranium Energy, and Energy Fuels rose after the US and 21 other countries

pledged at the COP28 Climate Summit to triple nuclear energy capacity by 2050. The country said an agreement is critical to meeting climate

...