The S&P 500 fell on Monday, following cryptocurrencies lower, as volatility continued into December's trading month.

The broad index lost 0.53% to end at 6,812.63, while Nasdaq Composite shed 0.38% to finish at 23,275.92. The Dow Jones Industrial Average pulled back by 427.09 points, or 0.9%, to settle at 47,289.33. All three indexes snapped five-day win streaks.

Bitcoin, the flagship cryptocurrency, dropped more than 6% to trade below $86,000, putting downward pressure on the stock market. It was bitcoin's worst day since March. The digital currency late last month fell below $90,000 for the first time since April and has since struggled to stay above that mark. Crypto-related stocks including Coinbase and Strategy tumbled in Monday's session.

Broadcom and Super Micro Computer each lost more than 2%, indicating more profit-taking on some names in the artificial intelligence trade. But Synopsys shares popped after Nvidia announced an investment in the company. Meanwhile, shares of Nvidia — the AI darling who has become a favorite of Wall Street and Main Street — rose more than 1%.

Outside tech, retailers such as Home Depot and Walmart advanced as the holiday shopping season kicked into high gear. The State Street SPDR S&P Retail ETF (XRT) added nearly 1% on Monday, bringing its five-day gain above 7%.

Wall Street is coming off a strong week. The Dow and S&P 500 jumped more than 3%, while the Nasdaq rallied close to 5%.

But the market turned turbulent and was anything but smooth sailing in November. The S&P 500 and Dow closed modestly above flat for the month, while the Nasdaq shed 1.5% to snap a seven-month advance. At one point in November, the tech-heavy Nasdaq was down nearly 8% from the October close amid concerns around AI stock valuations.

To be sure, seasonality is on Wall Street's side as December trading begins. The S&P 500 averages an advance of more than 1% in December, making it the third-best month of the year for the benchmark in records going back to 1950, according to the Stock Trader's Almanac.

"Stocks are going through a period of digestion," said Robert Schein, chief investment officer at Blanke Schein Wealth Management. "But we think the backdrop for stocks remains strong right now, especially given the high likelihood that the Federal Reserve will cut interest rates again next week."