BTC falls below 91K! Cryptocurrency Speculation looks at the overall economy? Tech stocks plummet and shake the market: US stock futures fall, bond yields soar

Technology stocks lead the market down

CNCB reported on Monday that U.S. stock futures fell as investors continued to sell shares of key technology companies that had driven the bull market. Major index futures showed cautious sentiment, with S&P 500 futures down 0.8%, Nasdaq 100 futures down 1.2%, and Dow Jones Industrial Average futures down 150 points, or about 0.4%.

Over the past two weeks, the overall market has declined due to the retreat of technology stocks, which have been a strong concept in the market.

Bitcoin follows the decline and cannot hold 91K

Bitcoin, which is still moving in the range of 94-95K today, is also affected by pre-market conditions, falling all the way to 90-91K.

Palantir and Nvidia lead the decline in technology stocks

The highly regarded technology companies Palantir and Nvidia are the hardest hit by this decline, as both companies are popular among retail investors. Palantir fell more than 3% in pre-market trading, extending last week's 11% decline. Meanwhile, Nvidia fell nearly 6% last week and fell more than 3% before the opening on Monday.

Other major technology companies such as Tesla, Broadcom, and Micron also suffered losses in pre-market trading, indicating a broader sell-off trend in tech stocks.

The surge in bond yields puts pressure on growth stocks.

The rapid rise in bond yields is one of the main factors suppressing growth stocks such as technology. On Monday, the yield on the 10-year US Treasury bonds climbed to its highest level since the end of 2023, further exacerbating concerns among stock market investors.

Northern Trust's Chief Investment Officer, Katherine Nixon, said, 'Inflation and its expectations remain high and sticky, while bond yields have risen rapidly and significantly, prompting stock market investors to adopt a more cautious stance.'

Note: Inflation stickiness refers to the difficulty of the inflation level or its expectations to decrease or change rapidly in the short term, even with relevant policy interventions or external conditions changes.

US employment report triggers market volatility.

Last Friday's unexpectedly strong employment report further pushed up bond yields and increased uncertainty about the Federal Reserve's future interest rate path. As a result, the Dow Jones Industrial Average fell 697 points last Friday, and both the S&P 500 and Nasdaq Composite Indexes also recorded significant declines. The three major indexes fell 1.9%, 1.9%, and 2.3% respectively last week.

As of now, the performance of the three major indexes this year is negative.

Pay attention to the fourth quarter financial reports and economic data

Investors are hoping that the upcoming fourth-quarter earnings season will bring some stability to the market. Major banks including Citigroup, Goldman Sachs, and JPMorgan Chase will report earnings on Wednesday, while Morgan Stanley and Bank of America will release their financial results on Thursday.

In addition to the financial report, economic data is also crucial this week. The December Consumer Price Index (CPI) will be released on Wednesday morning, while the December Producer Price Index (PPI) is closely watched on Tuesday.

The market outlook remains unclear

Faced with soaring bond yields and mixed economic signals, the market sentiment remains tense. Investors are preparing for a turbulent week and hoping to find clues to market trends from financial reports and inflation data. However, whether these events can stabilize the market or deepen the current selling pressure remains to be seen.

This article BTC fell below 91K! Speculating on coins and looking at the overall economy? Tech stocks plummeted and shook the market: US stock futures fell, bond yields soared. First appeared on Chain News ABMedia.