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 laggard again, down 0.9% to 2,848.24 and now off 3.7% for September. Gold firmed as the pullback in crude eased near-term inflation anxiety, with spot bullion up 0.4% to $4,358 an ounce and the SPDR Gold Shares (NYSE: GLD ) gaining 0.4%.

Silver outpaced it, rising 1.6% to $66.24. Friday’s Performance In Major US Indices Index Last % Change MTD YTD S&P 500 7,621.16 -0.2% -0.9% +11.3% Dow Jones 51,555.73 -0.4% -3.1% +7.3% Nasdaq 100 29,425.62 -0.1% -0.1% +16.5% Russell 2000 2,848.24 -0.9% -3.7% +14.8% Updated by 12:15 p.m. ET According to the Pro platform: The Vanguard S&P 500 ETF (NYSE: VOO ) fell 0.2%. The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) slid 0.7%.

The Invesco QQQ Trust (NASDAQ: QQQ ) edged down 0.1%. The iShares Russell 2000 ETF (NYSE: IWM ) dropped 0.9%. Materials, Solar Lead Sector Drag As Chips Buck Trend The Energy Select Sector SPDR Fund (NYSE: XLE ) rose 0.2%, with the Technology Select Sector SPDR Fund (NYSE: XLK ) essentially flat behind it. The Materials Select Sector SPDR Fund (NYSE: XLB ) was the worst performer, down 1.5%, followed by the Communication Services Select Sector SPDR Fund (NYSE: XLC ) and the Utilities Select Sector SPDR Fund (NYSE: XLU ), both off 1.1%.

The Financial Select Sector SPDR Fund (NYSE: XLF ) shed 0.2% as banks and asset managers traded in the red on the back-up in yields. At the industry level, the SPDR S&P Metals & Mining ETF (NYSE: XME ) was the day’s biggest casualty, down 2.3%, with the Invesco Solar ETF (NYSE: TAN ) off 2.2% and the VanEck Agribusiness ETF (NYSE: MOO ) down 1.7%. Semiconductors bucked the tape, with the VanEck Semiconductor ETF (NASDAQ: SMH ) up 0.6% and the U.S. Global Jets ETF (NYSE: JETS ) adding 0.2%.

The chip rebound was led by equipment names, with Lam Research Corp. (NASDAQ: LRCX ) up 5.1%, Applied Materials Inc. (NASDAQ: AMAT ) up 4.1% and Micron Technology Inc. (NASDAQ: MU ) adding 1.4%, recovering some ground lost when AI security concerns prompted investors to reconsider the pace of datacenter spending.

Sandisk Corp. (NASDAQ: SNDK ) rose 7.3% on the memory bid. AI hyperscalers went the other way on their debt issuance spree, with Oracle Corp. (NYSE: ORCL ) down 3.3%.

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. (NASDAQ: MSTR ) surged 12.9% to $149.25 as the most levered listed proxy on the token, and Bitmine Immersion Technologies Inc. (AMEX: BMNR ) climbed 7.4% on the same digital-asset treasury trade.

The exchanges and brokers rode the same wave. Coinbase Global Inc. (NASDAQ: COIN ) jumped 10.6% to $192.32 on volumes and the SEC tokenization exemption, while Bullish (NYSE: BLSH ) added 7.4%, extending Thursday’s gains on the same ruling. Robinhood Markets Inc.

(NASDAQ: HOOD ) rose 7.7% to $118.22, with analysts this week raising targets on accelerating Robinhood Chain fee growth and expanding prediction-market volumes. Galaxy Digital Inc. (NASDAQ: GLXY ) gained 7.6%. The pain was concentrated in steel and speculative growth.

Nucor Corp. (NYSE: NUE ) sank 6% after guiding third-quarter earnings to $5.55-$5.65 per diluted share late Thursday, well short of the roughly $6.20 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. (NASDAQ: ASTS ) fell 7.1% to $58.26 and Rocket Lab Corp. (NASDAQ: RKLB ) dropped 5.4% to $64.17, with Planet Labs PBC (NYSE: PL ) down 4% alongside them. IonQ Inc.

(NYSE: IONQ ) fell 5.6% to $38.07, another high-beta casualty of the rotation out of long-duration speculative growth as real yields pushed higher. QUALCOMM Inc. (NASDAQ: QCOM ) was the odd name out in a rising semiconductor tape, sliding 5.8% to $177.70. 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. (NYSE: GM ) also fell 5.1% 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.

+12.85% Coinbase Global, Inc. +10.55% Robinhood Markets, Inc. +7.66% Bullish +7.38% Bitmine Immersion Technologies, Inc. +7.35% Friday’s Russell 1000 Top Losers Name % change AST SpaceMobile, Inc.

-7.10% Nucor Corporation -5.95% QUALCOMM Incorporated -5.83% IonQ, Inc. -5.62% Rocket Lab Corporation -5.39% Image: Shutterstock