Bitcoin Tops $80,000, S&P 500 Slips as Yields Reclaim 5%: Stock Market Today
Bitcoin (CRYPTO: BTC) punched through $80,000 on Friday, driving a rally in crypto equities even as broader markets stalled under rising bond yields. Kansas City Fed President Jeffrey Schmid delivered a hawkish signal, defending rate hikes against sticky, broad-based inflation above 3%. Bond yields spiked in response: The 10-year Treasury note surging 7 basis points back to 5%. The 2-year yield rose 7 basis points to 4.75% The 30-year climbed 4 basis points to 5.34%. Energy Prices Offer Rare Bit of Relief West Texas Intermediate crude eased 0.4% to $101.50 a barrel and Brent slipped 0.5% to $104.26, extending a mid-week retreat even as supply concerns tied to Saudi Arabia and the broader Middle East stayed live. Natural gas moved the other way, adding 0.8% to $2.92 per MMBtu, keeping the energy inflation story on the table. The S&P 500 slipped 0.2% to 7,621.16, while the Dow Jones Industrial Average gave back 222 points, or 0.4%, to 51,555.73. International Business Machines Corp. (NYSE: IBM ) was the heaviest weight on the blue-chip index, falling 3%. The Nasdaq 100 was the most resilient of the majors, hovering just below the flatline at 29,425.62. The Russell 2000 was the clear
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Bitcoin (CRYPTO: BTC) punched through $80,000 on Friday, driving a rally in crypto equities even as broader markets stalled under rising bond yields. Kansas City Fed President Jeffrey Schmid delivered a hawkish signal, defending rate hikes against sticky, broad-based inflation above 3%. Bond yields spiked in response: The 10-year Treasury note surging 7 basis points back to 5%. 34%.
26, extending a mid-week retreat even as supply concerns tied to Saudi Arabia and the broader Middle East stayed live. 92 per MMBtu, keeping the energy inflation story on the table. 73. International Business Machines Corp.
(NYSE: IBM ) was the heaviest weight on the blue-chip index, falling 3%. 62. 7% for September. 4%.
24. m. 2%. 7%.
1%. 9%. 2%, with the Technology Select Sector SPDR Fund (NYSE: XLK ) essentially flat behind it. 1%.
2% as banks and asset managers traded in the red on the back-up in yields. 7%. S. 2%.
The chip rebound was led by equipment names, with Lam Research Corp. 1%, Applied Materials Inc. 1% and Micron Technology Inc. 4%, recovering some ground lost when AI security concerns prompted investors to reconsider the pace of datacenter spending.
Sandisk Corp. 3% on the memory bid. AI hyperscalers went the other way on their debt issuance spree, with Oracle Corp. 3%.
The Session’s Dominant Story Sits Outside Sector Map Bitcoin extended a roughly 5% weekly advance, after the Securities and Exchange Commission granted an innovation exemption enabling trading in tokenized stocks. Strategy Inc. 25 as the most levered listed proxy on the token, and Bitmine Immersion Technologies Inc. 4% on the same digital-asset treasury trade.
The exchanges and brokers rode the same wave. Coinbase Global Inc. 4%, extending Thursday’s gains on the same ruling. Robinhood Markets Inc.
22, with analysts this week raising targets on accelerating Robinhood Chain fee growth and expanding prediction-market volumes. Galaxy Digital Inc. 6%. The pain was concentrated in steel and speculative growth.
Nucor Corp. 20 analysts were modeling, with weaker raw materials pricing and shipments offsetting higher steel mill realizations. Steel Dynamics Inc. (NASDAQ: STLD ) slid alongside it on its own soft guide.
Space Gives Back Recent Gains AST SpaceMobile Inc. 26 and Rocket Lab Corp. 17, with Planet Labs PBC (NYSE: PL ) down 4% alongside them. IonQ Inc.
07, another high-beta casualty of the rotation out of long-duration speculative growth as real yields pushed higher. QUALCOMM Inc. 70. The move follows a roughly 18% one-month run built on the company’s multi-generational AI datacenter collaboration with Amazon announced Sept.
8, and looks like profit-taking against the Apple modem revenue cliff still ahead. General Motors Co. 1% as record-high diesel prices pressure demand for full-size pickups and SUVs that generate the bulk of GM’s margin. Friday’s Russell 1000 Top Gainers Name % change Strategy Inc.
85% Coinbase Global, Inc. 55% Robinhood Markets, Inc. 38% Bitmine Immersion Technologies, Inc. 35% Friday’s Russell 1000 Top Losers Name % change AST SpaceMobile, Inc.
83% IonQ, Inc. 39% Image: Shutterstock