Stock Market Update
09-Nov-22 11:30 ET
COIN, HOOD, MSTR lag as crypto weakness continues
Dow -284.56
at 32879.30,
Nasdaq -126.54
at 10429.51,
S&P -32.88
at 3795.30
[BRIEFING.COM] The S&P 500 is fighting to defend the 3,800 level. Renewed selling interest in the cryptocurrency market is keeping pressure on investor sentiments, fueling concerns about margin calls contributing to some de-risking efforts.
Bitcoin is down 9.8% and Ethereum is down 12.8% following a CoinDesk report that suggested Binance might not follow through with its plan to buy FTX after it looked at the company's financials. Crypto exposed stocks are among the top laggards in the market today, including MicroStrategy (MSTR 181.12, -30.71, -14.5%), Robinhood Markets (HOOD 8.52, -1.21, -12.5%), and Coinbase Global (COIN 45.77, -5.08, -10.0%).
Treasury yields continue to pullback. The 10-yr note yield is down three basis points to 4.10% while the 2-yr note yield is unchanged at 4.66%.
