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As of 2:45 p.m. ET, Bitcoin has resumed its rally. After dropping to a little north of $85,000 per Bitcoin this morning, its price is sitting slightly below $90,000.
Bitcoin-adjacent stocks are mixed today. Coinbase (Nasdaq: COIN) is down 1.5% while MicroStrategy (Nasdaq: MSTR) is up 4.2%.
As of 2:30 p.m. ET, the Nasdaq has turned slightly green for the day. Tech stocks are leading the gains today. Here’s a look at sector performance across the S&P 500:
- Communication Services: +.54%
- Information Technology: +.52%
- Consumer Staples: +.48%
And laggards include:
- Health Care: -.82%
- Utilities: -1.04%
- Materials: -1.24%
Some stocks from the materials sector that are underperforming include Albermarle, which is down 5.82%, and FMC, which has dropped 5.74%.
It’s red across the board today. The Nasdaq Composite, Dow Jones Industrial Average, and S&P 500 are all down in early trading. As of 11:20 a.m. ET, here’s where indexes are trading:
- Dow Jones Industrial Average: Down 189.57 (-.43%)
- S&P 500: Down 12.72 (-.21%)
- Nasdaq-100: Down 19.36 (-.10%)
- Russell 2000: Down 24.50 (-1.01%)
There isn’t much major macroeconomic news shaping the markets today. John Paul – seen as a leading Treasury Secretary pick – removed himself from consideration. In addition, it appears Donald Trump will pick Mark Rubio for a Secretary of State role, which could have a significant impact on relations with China in the next four years. Rubio is seen as far more ‘hawkish’ than other candidates for the role.
Let’s look at some of the market’s bigger storylines today.
NVIDIA Rising: Up 2% in Early Trading
Shares of NVIDIA (Nasdaq: NVDA) are the second-best performers in the Dow Jones Industrial average, as of publication NVIDIA is up 2.25%. The likely catalyst for these gains is upgrades on Wall Street. Mizuho raised their price target on NVIDIA to $165 from a prior level of $140.
In addition Redburn-Atlantic initiated coverage at a $178 price target. In addition, Piper Sandler named NVIDIA a ‘top large-cap pick’ and said the stock is must own for the upcoming Blackwell ramp. Piper raised its price target on NVIDIA to $175.
Other Stocks on the Move
Looking across the broader market, Tesla (Nasdaq: TSLA) is finally taking a breather after days of massive gains following the election. The price of Bitcoin is also finally taking a breather after a furious rally, with Bitcoin trading for $86,400 after almost hitting $90,000 last night.
Adobe (Nasdaq: ADBE) is up 4% today after announcing a suite of new AI tools. Beyond technology, Tyson Foods (NYSE: TSN) is up 9% after topping earnings expectations. The company is projecting a strong 2025 thanks to growing demand for chicken products.
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