By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stocks are giving back some of last week’s rally on Monday, as bitcoin, Nvidia and other former stars of Wall Street fall again.

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The S&P 500 slipped 0.6% and was on track to break a five-day winning streak. The Dow Jones Industrial Average was down 267 points, or 0.6%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower.

Last week’s rally was largely due to strengthening hopes that the Federal Reserve will cut its main interest rate at its meeting next week to help shore up the slowing job market. Such hopes are still high, with traders betting on a roughly 87% chance of it, according to data from CME Group.

But yields for longer-term Treasurys nevertheless rose in the bond market on Monday. It was part of a worldwide climb for bond yields after the head of the Bank of Japan hinted at a possible hike to interest rates there.

When bonds are paying higher yields, they can attract investors who would otherwise buy stocks, cryptocurrencies or other investments. Higher bond yields can undercut prices for all kinds of investments, and they particularly hurt those seen as the most expensive.

Bitcoin, which was soaring around $125,000 in October, dropped below $86,000. That’s down roughly 5% from a day earlier.

That sent stocks lower across the crypto industry. Coinbase Global sank 4.8%, and Robinhood Markets fell 4.5%, for example. Strategy, the company that used to be known as MicroStrategy and now raises money just to buy bitcoin, dropped 6.9%.

Other former high flyers on Wall Street also struggled, including stocks caught up in the frenzy around artificial-intelligence technology.

Nvidia, which has grown to become Wall Street’s most influential stocks, slipped 0.6% and was one of the heaviest weights on the market. Palantir Technologies fell 2.3%, and Super Micro Computer sank 3%.

The market seemed to get relatively little solace from an apparently strong start to the holiday shopping season. Consumer spending during the Black Friday and Cyber Monday retailing bonanza was expected to exceed expectations, despite uncertainty over the outlook for the U.S. economy.

Among the few winners on Wall Street was Synposys, which rose 4.6%. It said Nvidia is investing $2 billion in its stock as part of an expanded partnership between the two.

In stock markets abroad, indexes were mixed amid some sharp moves.

France’s CAC 40 fell 0.5%, dragged down in part by a 5.1% loss for Airbus. The European aerospace giant said Monday that most of its fleet of 6,000 A320 passenger jets have received an update after a weekend software glitch that could have affected flight controls. Travelers faced minor disruptions heading into the weekend as airlines around the world scrambled to push the software updates out after Airbus warned of the problem Friday, one of the busiest travel days of the year.

In Japan, the Nikkei 225 tumbled 1.9% on worries about the possibility of higher interest rates. Japan’s benchmark interest rate has remained near zero for years in hopes of juicing the economy. Now inflation is holding above the Bank of Japan’s target of about 2%.

In the bond market, the yield on the 10-year Treasury rose to 4.08% from 4.02% Friday.

AP Business Writer Elaine Kurtenbach contributed.

By MIKE CATALINI, Associated Press

President Donald Trump’s former personal lawyer Alina Habba, whom the administration has maneuvered to keep in place as New Jersey’s top federal prosecutor, is disqualified from serving in the role, an appeal court said Monday.

A panel of judges from the 3rd U.S. Circuit Court of Appeals sitting in Philadelphia sided with a lower court judge’s ruling after hearing oral arguments at which Habba herself was present on Oct. 20.

“It is apparent that the current administration has been frustrated by some of the legal and political barriers to getting its appointees in place. Its efforts to elevate its preferred candidate for U.S. Attorney for the District of New Jersey, Alina Habba, to the role of Acting U.S. Attorney demonstrate the difficulties it has faced — yet the citizens of New Jersey and the loyal employees in the U.S. Attorney’s Office deserve some clarity and stability,” the court wrote in a 32-page opinion.

It concluded: “We will affirm the District Court’s disqualification order.”

The ruling comes amid the push by President Donald Trump’s Republican administration to keep Habba as the acting U.S. attorney for New Jersey, a powerful post charged with enforcing federal criminal and civil law. It also comes after the judges questioned the government’s moves to keep Habba in place after her interim appointment expired and without her getting Senate confirmation.

Habba said after that hearing in a statement posted to X that she was fighting on behalf of other candidates to be federal prosecutors who have been denied a chance for a Senate hearing.

Messages were left Monday seeking comment from the U.S. attorney’s office in New Jersey, Habba’s personal staffer and the Justice Department.

Habba is hardly the only Trump administration prosecutor whose appointment has been challenged by defense lawyers.

Last week, a federal judge dismissed criminal cases against former FBI Director James Comey and New York Attorney General Letitia James after concluding that the hastily installed prosecutor who filed the charges, Lindsey Halligan, was unlawfully appointed to the position of interim U.S. attorney for the Eastern District of Virginia. The Justice Department has said it intends to appeal the rulings.

The judges on the panel were two appointed by Republican President George W. Bush, D. Brooks Smith and D. Michael Fisher, as well as one named by Democratic President Barack Obama, Luis Felipe Restrepo.

A lower court judge said in August Habba’s appointment was done with a “novel series of legal and personnel moves” and that she was not lawfully serving as U.S attorney for New Jersey.

That order said her actions since July could be invalidated, but he stayed the order pending appeal.

The government argued Habba is validly serving in the role under a federal statute allowing the first assistant attorney, a post she was appointed to by the Trump administration.

A similar dynamic is playing out in Nevada, where a federal judge disqualified the Trump administration’s pick to be U.S. attorney there.

The Habba case comes after several people charged with federal crimes in New Jersey challenged the legality of Habba’s tenure. They sought to block the charges, arguing she didn’t have the authority to prosecute their cases after her 120-day term as interim U.S. attorney expired.

Habba was Trump’s attorney in criminal and civil proceedings before he was elected to a second term. She served as a White House adviser briefly before Trump named her as a federal prosecutor in March.

Shortly after her appointment, she said in an interview with a right-wing influence that she hoped to help “turn New Jersey red,” a rare overt political expression from a prosecutor.

She then brought a trespassing charge, eventually dropped, against Democratic Newark Mayor Ras Baraka stemming from his visit to a federal immigration detention center.

Habba later charged Democratic U.S. Rep. LaMonica McIver with assault stemming from the same incident, a rare federal criminal case against a sitting member of Congress other than for corruption. McIver denied the charges and pleaded not guilty. The case is pending.

Questions about whether Habba would continue in the job arose in July when her temporary appointment was ending and it became clear New Jersey’s two Democratic U.S. senators, Cory Booker and Andy Kim, would not back her appointment.

Earlier this year as her appointment was expiring, federal judges in New Jersey exercised their power under the law to replace Habba with a career prosecutor who had served as her second-in-command.

Bondi then fired the prosecutor installed by the judges and renamed Habba as acting U.S. attorney. The Justice Department said the judges acted prematurely and said Trump had the authority to appoint his preferred candidate to enforce federal laws in the state.

Brann’s ruling said the president’s appointments are still subject to the time limits and power-sharing rules laid out in federal law.

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By ISABELLA VOLMERT, Associated Press

Indiana House members are expected to push forward Monday with redrawing the state’s congressional districts in Republicans’ favor, increasing pressure on their defiant counterparts in the GOP-led Senate to meet President Donald Trump’s demands.

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Republicans who control the House chamber have said there’s no doubt that redistricting will pass that chamber. But the fate of any proposal to emerge remains uncertain in the Senate. Republicans also control that chamber but members of the caucus have resisted pressure to redistrict for months.

Senate leadership recently backed off from previous intent not to meet at all, agreeing to convene next Monday. But it’s still unclear if enough senators will back a new map.

No official map or legislation had been made public by late Friday.

Republicans hold seven of Indiana’s existing nine U.S. House seats. Trump and other Republicans want to make the map 9-0 in the GOP’s favor, aiming to give the party two extra seats in the 2026 elections that will determine control the U.S. House. Democrats only need to flip a handful of seats to overcome the Republicans’ current margin.

Indiana lawmakers have been under mounting pressure from the White House to redistrict like Republicans in Texas, Ohio and North Carolina have. To offset the GOP gains, Democrats in California and Virginia have moved to do the same.

But some Indiana Republicans have been far more resistant. Republicans in the state Senate rebelled against Republican Gov. Mike Braun in November and said they would not attend a special session he ordered on redistricting.

The chamber’s top Republican, President Pro Tem Rodric Bray, at the time said the Senate did not have the votes. A spokesperson for Bray’s office did not respond Friday when asked if that is still the case.

Meanwhile, Trump attacked Indiana senators on social media, particularly Bray. He swore to endorse primary opponents of defecting senators. A spree of threats and swatting attempts were made against lawmakers who either said they do not support redistricting or have not taken a stance. At least one lawmaker in favor of redistricting and Braun were also threatened.

Last week, the House announced plans to convene in Indianapolis on Monday.

“All legislative business will be considered beginning next week, including redrawing the state’s congressional map,” House Speaker Todd Huston said in a statement Tuesday.

The Indiana Senate, where a number of lawmakers objected to leadership’s refusal to hold a vote, then said members would reconvene Dec. 8.

“The issue of redrawing Indiana’s congressional maps mid-cycle has received a lot of attention and is causing strife here in our state,” Bray said in a statement Tuesday. He said the Senate will finally decide the matter this month.

Volmert reported from Lansing, Michigan.

By DARLENE SUPERVILLE, Associated Press

WASHINGTON (AP) — Melania Trump on Monday unveiled the White House holiday decorations and her theme is “Home Is Where the Heart Is,” her first since she resumed the role of first lady.

Christmas trees decorate the East Room of the White House during a press preview of the Christmas decorations “Home is Where the Heart Is,” Monday, Dec. 1, 2025, in Washington. (AP Photo/Evan Vucci)

Her decor also nods to next year’s 250th anniversary of the signing of the Declaration of Independence in 1776 and founding of the United States of America.

In a change this year because the East Wing was torn down, the official White House Christmas tree, which is always on display in the Blue Room, also honors Gold Star families, those that lost a member during active-duty military service.

Ornaments sit on a Christmas tree in the Red Room of the White House during a press preview of the Christmas decorations “Home is Where the Heart Is,” Monday, Dec. 1, 2025, in Washington. (AP Photo/Evan Vucci)

That tree typically was in the East Wing and was the first one visitors saw after they entered through those doors, but the building and a covered walkway, or colonnade, connecting it to the White House were demolished by President Donald Trump in October as part of his plan to erect a large ballroom.

The East Room is decorated in patriotic red, white and blue and national symbols, including golden eagle tree toppers, to highlight the coming America250 national celebration. Trees are also adorned with stars, roses and oak leaves.

Christmas trees decorate the Cross Hall of the White House during a press preview of the Christmas decorations “Home is Where the Heart Is,” Monday, Dec. 1, 2025, in Washington. (AP Photo/Evan Vucci)

A statement issued by the White House said Christmas is a time to celebrate what makes the U.S. exceptional and that, while every home has its own traditions, shared values unite Americans.

“In every community, we are lifted by simple acts of kindness that reflect the enduring American spirit of generosity, patriotism, and gratitude,” the statement said. “These moments remind us that the heart of America is strong and that Home Is Where The Heart Is.”

The first lady selected every detail of the decor, the White House said. Planning for the holidays starts months in advance.

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Public tours of the White House were suspended a few months ago because of the ballroom construction, but they are set to resume Tuesday with an updated route limited to the State Floor, the first lady’s office announced in October. The State Floor includes the East Room; the Green, Blue and Red Rooms; the State Dining Room; the Cross Hall; and the Grand Foyer.

Tens of thousands of visitors are expected for holiday tours, receptions and parties this month. Visitors will now enter the White House through the North Portico doors on Pennsylvania Avenue, using a new, semi-permanent walkway and entrance.

The Library and the Vermeil and China Rooms on the Ground Floor were cut from the updated tour route because of the construction.

A small army of volunteer decorators and others helped deck the halls of he Executive Mansion using 75 wreaths, 51 Christmas trees, more than 700 feet (213 meters) of garland, more than 2,000 strands of lights, over 25,000 feet (7,620 meters) of ribbon, over 2,800 gold stars, more than 10,000 butterflies and 120 pounds (54 kilograms) of gingerbread.

Most of the work was done after the Trumps decamped to their home in Palm Beach, Florida, on Nov. 25 for the Thanksgiving holiday. They returned to the White House on Sunday.

The official White House Christmas tree in the Blue Room is decorated with gold stars honoring families that have endured the ultimate sacrifice due to military service. The official tree traditionally recognizes each state and territory and this year’s tree is decorated with ornaments showcasing the official bird and flower of each.

The Green Room celebrates family fun, featuring portraits of the first and the current presidents, George Washington and Donald Trump, respectively, each made using more than 6,000 Lego puzzle pieces.

Thousands of butterflies decorate the Red Room and its tree in a celebration of young people and tribute to Melania Trump’s Fostering the Future initiative , which is part of her Be Best child-focused initiative, to support people who have been in foster care.

The gingerbread White House on display in the State Dining Room shows off the mansion’s South Portico and provides a glimpse into the Yellow Oval Room in the private living quarters on the second floor as it is currently decorated.

The first lady’s signature Christmas wreaths with red bows adorn the exterior windows of the White House.

During the first Trump administration, Melania Trump was secretly recorded in 2018 as she complained, among other things, about performing traditional first lady duties, such as preparing for Christmas. The tapes were made by Stephanie Winston Wolkoff, a former friend and senior adviser to the first lady, who wrote a book about their relationship and shared the tapes with CNN, which broadcast them.