Bitcoin falls more than 1% as stocks weaken
Bitcoin dropped more than 1% to around $82,500 in morning trade as U.S. stocks turned lower and oil surged. The move came alongside broader risk-off sentiment and higher Treasury yields.
By Scott Lehtonen Fears of a return to escalating conflict in the Middle East sent oil surging while stocks turned mostly lower Thursday. Treasury yields also headed higher. In stocks, Broadcom fell below a key level as the company seeks to raise capital to fund its artificial intelligence custom chip for OpenAI. In early trade Thursday, the Dow Jones Industrial Average edged into positive territory as Wall Street reacted to President Donald Trump's latest Iran comments.
2%. 4% in morning trades. 4% and tested its 200-day moving average. 25 a barrel, after Trump said he no longer wants to make a deal with Iran to end the war.
Recent news reports also said the Pentagon is preparing for more potential military strikes on that nation. 28% as Federal Reserve Governor Christopher Waller said more rate hikes are needed to combat persistent inflation. Finally, bitcoin moved down more than 1% to around $82,500. BROADCOM SLIDES ON FINANCING WOES Broadcom was a loser in morning trades Thursday.
Shares fell after the Wall Street Journal reported that the chip maker may need more than $50 billion in financing to make a custom chip for OpenAI. Apollo and Blackstone reportedly are among the lenders Broadcom is considering. Shares of Broadcom fell below their 50-day moving average, breaking a four-day winning streak. Oracle and SpaceX are also among big technology companies seeking financing to buy more chips.
Oracle fell nearly 2% and slid below its 50-day moving average. SpaceX dropped more than 1% Thursday. m. 5%, respectively, making them some of the top performers just after the market open.
Four Reasons To Put This Nvidia, AMD Partner On Your Watchlist Right Now Meanwhile, Arm, Lumentum and CoreWeave all posted losses between 1% and 4% in morning trading. m. 6% in early morning action. On the downside, Caterpillar, Merck and Nvidia all posted losses of roughly 1%.
76. m. ET TODAY'S MOVERS: PEPSICO, TSMC PepsiCo shares rallied nearly 2% premarket Thursday after the beverage giant reported better-than-expected earnings and sales numbers for the third quarter. But the company lowered its full-year profit forecast, as its North American business continues to underperform.
The stock closed Wednesday nearly 28% off its 52-week high. Early Thursday, Nvidia chipmaker Taiwan Semiconductor Manufacturing, better known as TSMC, declined nearly 2% despite handily beating September and third-quarter sales estimates. Shares threatened to fall further below a cup-base entry at 479 and extend a losing streak to three sessions. m.
ET are the Labor Department's weekly initial jobless claims. Claims are expected to rise to 200,000 vs. 197,000 in the previous week. Meanwhile, the University of Michigan's consumer sentiment reading is set for Friday.
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. Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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