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Cryptocurrency Stocks Hit by Sharp Losses
Nasdaq Composite Ends Three-Session Winning Streak
Major U.S. indexes closed little changed amid thin liquidity on Thursday as higher U.S. Treasury yields weighed on investor sentiment.
Higher yields are traditionally seen as a negative for growth stocks and big tech stocks, as they raise their borrowing costs to fund expansion.
The Dow Jones Industrial Average rose 0.07%, or 28 points, on Thursday, marking its fifth straight daily gain.
While the S&P 500 and Nasdaq Composite were marginally lower after three straight sessions of gains.
All of the large-cap tech stocks known as the Magnificent Seven rose on Tuesday, led by a 7% jump in Tesla shares.
Cryptocurrency-related stocks posted sharp losses on Thursday, with Microstrategy falling 5% to close near its lowest level in about a month and a half.
Coinbase shares fell 2%, while MARA Holdings shares fell 4% to their lowest levels in more than a month.
These losses were pressured by the decline in cryptocurrency prices, led by Bitcoin, which fell by about 3% to test the 95,000 level.
Microstrategy had acquired 5,262 Bitcoins at the beginning of the week at an average price of $106,662 each, using the proceeds from the sale of 1.32 million shares, which raised $561 million.
