Bitcoin falls 2.9% to session low
Bitcoin dropped 2.9% to a session low of $82,884 as major U.S. stock indexes and Treasury yields moved higher. The article also said Bitcoin remains more than 34% below its all-time high of $126,272.
By Scott Lehtonen And David Saito-Chung The Dow Jones Industrial Average and other major stock indexes moved broadly lower early Wednesday, under pressure from rapidly rising Treasury yields. However, large-cap and megacap tech stocks such as NetApp, Intel and Micron Technology flexed strength on the stock market today. Meanwhile, minutes from the Federal Reserve's latest policy meeting are due later. 6%, so far marking an intraday low of 7,763.
7% and hovered not far from a session low of 27,341. 3%. 36%, reaching the highest level since January 2002. 9% to hit a session low of $82,884.
Bitcoin remains more than 34% below an all-time high of $126,272. 5%. The slide indicates extra sensitivity among smaller firms in the face of higher borrowing costs. TECH STOCKS ON THE MOVE Despite declines across indexes and some tech-focused ETFs, some leaders in the vast sector firmed up.
14. Volume was running hot, more than 60% above its average pace over the past 50 sessions. The expert in data management equipment and software broke out of a narrow cup with handle on Sept. 21.
62. Since then, after days of sideways action, NetApp really took off in the last week of October. The gain since the breakout has now reached 18%, just shy of a key Investor's Business Daily sell rule of taking at least partial profits at 20%-25%. Back on Sept.
, posted fiscal first-quarter results. 03 billion. 1 billion. NetApp is currently a full-size position on the IBD Leaderboard model stock portfolio.
On Wednesday, Evercore ISI reportedly upgraded its rating on NetApp to outperform and set a price target of 300. 2%. It is trying to hold at the 21-day exponential moving average while carving out the right side of an emerging new base. Dell Technologies, which found buyers near its own 21-day line last week, also gained more than 1%.
In the data storage space, Micron also wiped away early losses and strode ahead more than 2%. 96. 13. m.
ET STOCK MARKET TODAY: CHIPS FALL EN MASSE Disk drive makers and semiconductor companies paced the downside early. 5% in recent action. The popular ETF holds a cushion of gains above its rising 21-day exponential moving average, currently above 600. 37 within a nearly four-month base.
It remains up more than 1% for the week so far. Data storage firm Seagate, which slid 9% on Tuesday, fell more than 1%. Seagate and Western Digital, down nearly 2% and falling below its 200-day line, have weakened in recent days amid concerns that plans from Japan's Toshiba to scale up production of its hard disk drives in coming years might impact pricing power of its competitors. m.
7%. 6% after Wednesday's opening bell. Among the Nasdaq-100 stocks, Workday and Gilead Sciences rallied more than 1% each, making them some of the top performers just after the market open. Meanwhile, Astera Labs and Teradyne sold off more than 4% apiece in morning action.
m. 4% in early morning action. On the downside, Caterpillar declined nearly 2%, while Nvidia and Amazon both dropped nearly 1% apiece ahead of the market open. m.
ET EARNINGS MOVERS: CONSTELLATION BRANDS, NEOGEN Early Wednesday, Constellation Brands and Neogen were key earnings movers. Shares of Constellation tumbled 7% in premarket trading while Neogen stock soared more than 14%. Top Funds Bet Billions As This AI Stock Lights Up A Buy Zone STOCK MARKET TODAY: FED MINUTES, TREASURY AUCTION NEXT The Federal Reserve plans to release minutes from its Sept. m.
ET. That meeting concluded with the first Fed rate hike since 2023. Committee members also penciled in one more hike before year-end. Further, the minutes could produce clues as to just how hard the group was or wasn't leaning in that direction.
Early Wednesday, markets are pricing in 22% odds of a rate hike at the next meeting, down from 50% a week ago, according to the CME FedWatch Tool. m. ET. Top Funds Sink Their Teeth Into Apple Stock.
Sweet Breakout Ahead? Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today. com Investor's Business Daily - Your edge in the stock market This content was created by Investor's Business Daily, which is operated by Dow Jones & Co. IBD is run independently from Dow Jones Newswires and The Wall Street Journal.
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