Bitcoin Tops $80,000, S&P 500 Slips as Yields Reclaim 5%: Stock Market Today
Crypto-linked equities ripped higher as Bitcoin cleared $80,000, but the S&P 500 slipped with the 10-year Treasury yield back above 5%.
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Bond King Jeffrey Gundlach warns of an AI stock fallout. See why he is dumping Big Tech for equal-weight ETFs, gold, and EM debt.
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Crypto-linked equities ripped higher as Bitcoin cleared $80,000, but the S&P 500 slipped with the 10-year Treasury yield back above 5%.
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Wall Street snapped a two-day losing streak Thursday as oil retreated from its geopolitical spike and the 10-year Treasury yield slipped back below 5%. Chipmakers led the rebound, with Intel, AMD and Micron all posting outsized gains, while gold climbed 2.5% to $4,369 an ounce. The bounce came one day after the Federal Reserve delivered its first interest rate hike since 2023 and signaled at least one more this year.
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JPMorgan says Bitcoin could outperform gold if ETF hedging eases, while Eric Balchunas sees Bitcoin ETFs tripling gold in assets.