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(Bloomberg) — Stocks fell as traders remained on edge about the war in Ukraine, while a revenue forecast from Nvidia Corp. failed to meet lofty expectations. Bitcoin closed in on the $100,000 mark.  

Contracts on the S&P 500 pointed to the first drop this week as Nvidia dipped more than 3% in US premarket trading. Europe’s Stoxx 600 index slipped 0.3%. Treasury yields edged down and an index of dollar strength traded steady.

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Oil and gold climbed and European natural gas prices rose to the highest in a year with fears around the Russia-Ukraine war growing. Ukraine reported that Russia fired an intercontinental ballistic missile during an overnight attack, while a Kremlin spokesman called Kyiv’s recent use of UK Storm Shadow missiles a new escalation. 

Traders will be watching US initial jobless claims later Thursday for signs on the strength of the economy and the Federal Reserve’s interest-rate path. An expected decision on President-elect Donald Trump’s nominee for Treasury secretary is also in focus.

“Trump’s win has brought with it an increase in geopolitical uncertainty and that too is weighing on sentiment,” said Daniel Murray, Zurich-based chief executive officer of EFG Asset Management in Switzerland. “Ukraine now has an incentive to gain as much strategic advantage as possible ahead of Trump’s inauguration.” 

Federal Reserve Bank of Boston President Susan Collins said more rate cuts are needed, but policymakers should proceed carefully to avoid moving too quickly or too slowly. Swaps market pricing indicated a chance of around 50% that the Fed will cut rates again in December.

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Bitcoin, Adani

Meanwhile, Bitcoin set a fresh record, hitting $97,000 for the first time on optimism Trump’s support for crypto heralds a boom for the industry as the US pivots to friendly regulations in place of a crackdown. Trump’s transition team has begun to hold discussions over whether to create a White House post dedicated to digital-asset policy. 

In Asia, shares of India’s Adani Group units tumbled and the conglomerate scrapped a $600 million dollar bond sale. US prosecutors charged Gautam Adani, one of the world’s richest people, with participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar energy contracts. The company denied the US allegations.

Adani Charged by US in $250 Million Bribery Case, Shaking India

Key events this week:

• Eurozone consumer confidence, Thursday
• US existing home sales, initial jobless claims, Philadelphia Fed factory index, Thursday
• Eurozone HCOB Manufacturing & Services PMI, Friday
• US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

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Some of the main moves in markets: 

Stocks

• S&P 500 futures fell 0.2% as of 5:42 a.m. New York time
• Nasdaq 100 futures fell 0.3%
• Futures on the Dow Jones Industrial Average fell 0.1%
• The Stoxx Europe 600 fell 0.3%
• The MSCI World Index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro fell 0.2% to $1.0528
• The British pound fell 0.2% to $1.2632
• The Japanese yen rose 0.8% to 154.26 per dollar

Cryptocurrencies

• Bitcoin rose 3.3% to $97,612.14
• Ether rose 1.8% to $3,136.79

Bonds

• The yield on 10-year Treasuries declined three basis points to 4.38%
• Germany’s 10-year yield declined three basis points to 2.32%
• Britain’s 10-year yield declined three basis points to 4.44%

Commodities

• West Texas Intermediate crude rose 1.5% to $69.78 a barrel
• Spot gold rose 0.7% to $2,669.68 an ounce

This story was produced with the assistance of Bloomberg Automation.

—With assistance from Richard Henderson and Divya Patil.

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