Tech Stocks Slide as Bitcoin ETFs Bleed $487M; Oil Rallies on Refinery Strength

Market Snapshot

S&P 500 (SPY) — 773.93 (-0.42%) [Twelve Data] · Nasdaq 100 (QQQ) — 747.58 (-1.34%) [Twelve Data] · Dow Jones (DIA) — 511.65 (+0.12%) [Twelve Data] · Bitcoin (BTC) — 82,547.51 (-0.65%) [Binance US] · Ethereum (ETH) — 2,501.95 (-2.74%) [Binance US] · Gold (GLD) — 378.62 (+0.73%) [Twelve Data] · US Oil (USO) — 147.58 (+2.55%) [Twelve Data]

Stock Markets

US equities closed mixed Thursday as investors rotated out of technology and into defensive sectors ahead of major bank earnings. The Nasdaq 100 fell 1.34%, underperforming the S&P 500's 0.42% decline, while the Dow Jones Industrial Average posted a marginal 0.12% gain, signaling a clear divergence in sector performance.

Macro & Global Drivers

Treasury yields remained elevated near multi-decade highs Thursday, maintaining pressure across risk assets and supporting the dollar. According to the Wall Street Journal, the 10-year Treasury yield hovered just shy of the 24-year high reached during Wednesday's session, with both US and eurozone government bond yields rising in early European trade.

French government bonds continued to underperform eurozone peers, the Journal reported, as investors remained cautious about French debt amid concerns over the government's ability to lower its budget deficit. The divergence in European sovereign spreads highlighted ongoing fiscal concerns within the monetary union.

European Central Bank officials signaled confidence in managing energy-price shocks through monetary policy. According to Bloomberg, ECB Governing Council member Primoz Dolenc said Thursday that the central bank can prevent energy-price spikes from affecting the broader economy. "Monetary policy cannot directly influence the evolution of energy shocks, geopolitical tensions, or structural competitiveness issues," Dolenc stated in Slovenia, "but what we can do is prevent these shocks from spreading more broadly across the economy."

The ECB's September meeting account, published Thursday, showed policymakers assessing the effects of monetary policy on growth and inflation alongside fiscal policy, artificial intelligence developments, and financial conditions. The central bank emphasized the need for a "multi-pronged monetary policy diagnosis" in the current environment, according to the official account.

In Japan, government bonds rose in price terms during the Tokyo morning session amid possible position adjustments ahead of a 600 billion yen auction of 30-year sovereign debt, the Wall Street Journal reported. SMBC Nikko Securities noted that the smaller issuance amount versus other maturities and the rise in yield to date should attract demand, particularly from real-money accounts.

The macro backdrop of elevated yields, geopolitical tensions, and central bank policy divergence continued to drive cross-asset volatility, with investors navigating a complex environment of persistent inflation concerns, energy-market tightness, and shifting monetary policy expectations.

Tech Stocks Slide as Bitcoin ETFs Bleed $487M; Oil Rallies on Refinery Strength

Market Snapshot

Stock Markets

Markets Retreat as Treasury Yields Swing, Fed Minutes Signal Caution

Gold & Commodities

Oil

Crypto Markets

Macro & Global Drivers

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