US stocks trade lower as industrials lag and Treasury yields climb to 5%, while Bitcoin and crypto-related equities rally despite broader market weakness.
Coinbase Global rose over 10% as investors looked past the Clarity Act legislative setback and Fed rate hikes as already priced in.
Netflix slipped almost 5% after Wells Fargo downgraded the stock and highlighted declining viewership.
Bitcoin reclaimed the $80,000 mark this morning amid crypto gains.
S&P 500 is down 0.19% as most sectors trade flat or lower with only utilities showing growth.
Dow Jones Industrial Average fell 0.42% as industrials and basic material stocks were the bottom performers.
Nasdaq Composite slipped 0.13% amid AI safety concerns and a muted Nvidia weekly performance.
NuScale Power gave back yesterday's gains as nuclear stocks retreated.
Nvidia's weekly performance is muted as AI safety remains on investor radars.
Gold traded up 0.33% to $4,354.92.
Major US indices retreated mid-session Friday, with the Dow Jones Industrial Average leading declines at 0.42%. Investors weighed rising Treasury yields and a Wells Fargo downgrade of Netflix, which sent shares down nearly 5%. Conversely, the cryptocurrency sector surged, with Bitcoin reclaiming $80,000 and Coinbase Global rallying over 10% despite recent legislative setbacks.
Investors appear to have already priced in the legislative setback, viewing the news as a non-event while focusing on broader market momentum.