Wall Street Today: DJIA, S&P 500 and Nasdaq Composite All Fall as Bitcoin and Ethereum Tank
The Dow industrials, S&P 500 and Nasdaq Composite all fell Monday, snapping five-session win streaks as sharp declines for Bitcoin, Ethereum and cryptocurrency-related stocks put Wall Street in a "risk-off" mood.
The $Dow Jones Industrial Average (.DJI.US)$ sank 427.09 points (0.9%) to a 47,289.33 close, while the $S&P 500 Index (.SPX.US)$ shed 36.46 ticks (0.5%) to 6,812.63 and the $Nasdaq Composite Index (.IXIC.US)$ gave up 89.76 points (0.4%) to 23,275.92.
Macro
Stocks took their cue from cryptocurrencies, which tumbled in an extension of weeks of recent declines.
For example, $Bitcoin (BTC.CC)$ was trading 6.4% lower at $85.446.01 shortly before 4 p.m. ET, while $Ethereum (ETH.CC)$ gave up 9% to $2,757.29, $Solana (SOL.CC)$ shed 9.2% to $124.64 and $Ripple (XRP.CC)$ lost 8.2% to $2.02.
Cryptocurrencies have been pulling back ever since setting record highs just weeks ago. They lost ground after that as some investors became more risk-averse toward speculative assets like cryptos and tech stocks.
Riskier assets eased after tech darling $Palantir (PLTR.US)$ fell on Nov. 4 despite reporting a quarterly earnings beat and seemingly good forward guidance.
The stock's decline despite apparently positive news worried some on Wall Street that the market's "hot" investments like Big Techs and cryptocurrencies had simply run out of new buyers to push prices higher.
Big Techs and cryptos have traded choppily ever since – rising some days and falling others, but generally trending lower.
Select Big Techs to decline on Monday included $SanDisk Corp (SNDK.US)$ (down 5.9%), $Broadcom (AVGO.US)$ (4.2% lower) and $Intel (INTC.US)$ (1.4% weaker).
However, other Big Techs rose. Monday's tech winners included $CoreWeave (CRWV.US)$ (5.4% stronger), $Micron Technology (MU.US)$ (1.68% better) and $NVIDIA (NVDA.US)$, which rose 1.66% on a deal to invest $2 billion in AI-friendly silicon-solutions firm $Synopsys (SNPS.US)$. (SNPS added 4.9% on the news.)
Meanwhile, Monday's renewed market uncertainty helped push $Gold (LIST2110.US)$ and $Silver (LIST2093.US)$ higher.
$Gold Futures (FEB6) (GCmain.US)$ rose as much as 1.1% to a 4,299.60-an-ounce session high, while $Silver Futures (MAR6) (SImain.US)$ gained 4% to $59.435-an-ounce at its intraday peak to an all-time record.
Moo-vers
The "Magnificent Seven" stocks mostly followed the broader market on Monday and fell.
Four Mag-7 names declined – $Alphabet-A (GOOGL.US)$ (1.7% weaker), $Meta Platforms (META.US)$ (down 1.09%), $Microsoft (MSFT.US)$ (off 1.05%) and $Tesla (TSLA.US)$ (which eased 0.01%).
However, three Mag-7 stocks rose: $NVIDIA (NVDA.US)$ with its aforementioned 1.66% increase, plus $Apple (AAPL.US)$ (1.5% stronger after earlier setting an intraday record high) and $Amazon (AMZN.US)$ (0.3% better).
Elsewhere in the market, Monday's other noteworthy percentage gainers included:
-- $Beyond Meat (BYND.US)$, which soared 36.5%. The meat-alternatives firm and meme stock continued to swing wildly, rising more than 50% intraday. BYND also gained 1,438% between its Oct. 16 intraday low and its Oct. 22 session high before falling back more than 80% even including Monday's rally.
-- $NEBIUS (NBIS.US)$, 5.6% higher. The tech-infrastructure firm rose as part of a recent uptrend that followed weeks of choppy declines. NBIS sank 44.6% between its $141.10 all-time intraday high on Oct. 10 and a $78.21 near-term session low on Nov. 21.
Conversely, Monday's significant percentage decliners included:
-- Certain next-generation nuclear-energy stocks, which fell on the market's general "risk-off" sentiment and consolidation from some gains late last week. Losers included $NuScale Power (SMR.US)$ (off 9.6%) and $Oklo Inc (OKLO.US)$ (4.4% weaker). Both had risen about 6% over last Thursday and Friday's sessions.
-- Several crypto-related stocks, which fell on Monday's declines for $Bitcoin (BTC.CC)$, $Ethereum (ETH.CC)$ and other cryptocurrencies. Some crypto stocks also retrenched after rising sharply last Friday. Monday's decliners included $Bitmine Immersion Technologies (BMNR.US)$ (down 12.6%), $CleanSpark (CLSK.US)$ (off 6.8%), $Circle (CRCL.US)$ (5% weaker), $Coinbase (COIN.US)$ (which lost 4.8%), $Robinhood (HOOD.US)$ (4.1% softer), $Strategy (MSTR.US)$ (3.3% lower) and $MARA Holdings (MARA.US)$ (which shed 2.5%).
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Jerry Kronenberg
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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151825295 : on bitcoin? yea right more like manipulated by instofucks, ban shorts, watch market become better as no way to make cash from crashing stocks. everything else is smokescreen, always was always is Instofucks the problem overall.
151825295 : on bitcoin? yea right more like manipulated by instofucks, ban shorts, watch market become better as no way to make cash from crashing stocks. everything else is smokescreen, always was always is Instofucks the problem overall.
103651476 : oklo
Slay2dudes : ok
Nisdey : What's an Instofuck?
Nisdey 151825295 : Banning shorts is impossible. You realise that leveraged investing is exactly the same thing as shorting the currency you used to buy the stock, coin or commodity
Minotra : ..