December's U.S. manufacturing activity came in softer than expected. The S&P Global Manufacturing PMI landed at 51.8, trailing both the previous month's 52.2 and economist estimates of 52.1. While the index remains above the 50-point expansion threshold, the miss signals a cooling trend in factory activity heading into year-end. Market watchers will be watching whether this slowdown pressures the Fed's policy stance and impacts broader asset classes including crypto.