Bitcoin and tech capitulation weighed on Wall Street today
Stocks stumbled out of the gate this week, selling off across the board. The Dow dropped 557 points to mark its third-straight loss, with Nvidia (NVDA) a notable tech laggard. The blue-chip index has now lost 1,664 points in the last three days. The S&P 500 and Nasdaq finished sharply lower as well, the former now also mired in a three-day skid, while Bitcoin's (BTC) precipitous fall soured risk-on sentiment for the latter. Against this backdrop, the Cboe Volatility Index (VIX) scored its highest close in just over a month.
Continue reading for more on today's market, including:
- Why these EV giants gapped lower today.
- Warren Buffett likes Alphabet stock -- should you?
- Plus, EV stocks in focus; quantum computing hot; and value traps to avoid.
There were no notable earnings reports today.
Gold Zags Lower as Rate Cut Concerns Overshadow Selloff
Oil prices were mostly static today, as geopolitical tensions between Russia and Ukraine faced off with oversupply fears. December-dated West Texas Intermediate (WTI) crude lost 18 cents, or 0.3%, to settle at $59.91 per barrel.
Gold prices fell again, unable to capitalize on the selloff due to interest rate cut concerns looming. December-dated gold futures shed 0.5% to settle at $4,074.50 per ounce.