U.S. futures steady after tech selloff as Bitcoin holds near $65,000
Wall Street sought to stabilize after an AI-led equity rout, while Bitcoin stayed just below $65,000 and broader crypto rose despite Brent crude climbing to $97.66 amid Iran-related tensions.
BTC
Fact Check
Multiple independent sources confirm every element of the claim. Trading Economics and CNBC both report Nasdaq 100 futures fell over 1% (leading the decline), with S&P 500 and Dow contracts also lower, driven by post-earnings pressure from Alphabet (-5%, on a $205B capex hike) and Tesla (-6%, on an earnings miss), alongside rising Treasury yields and escalating Iran-US geopolitical tensions. The BlockBeats flash independently confirms the specific futures declines. The only nuance is that a later BlockBeats flash shows Dow and S&P turned positive intraday, but this does not contradict the claim's description of the early/premarket futures fall.
Summary
U.S. stock futures were little changed on Friday after a sharp technology-led selloff tied to Alphabet and Tesla earnings, rising oil prices, higher yields, strong labor data and Middle East tensions. Against that backdrop, Bitcoin held near but below $65,000 while the broader crypto market advanced, with analysts cited by CoinDesk saying BTC's usual correlation with U.S. tech stocks may have weakened as crypto-specific flows, institutional demand and macro liquidity expectations played a larger role.
Terms & Concepts
- Magnificent Seven: Nickname for seven megacap U.S. technology stocks that have driven market gains.
- Brent crude: Global benchmark for oil prices.
- macro liquidity: Availability of money and credit in markets.