Quick Look!! On April 24, U.S. stock market pre-opening, cryptocurrency concept stocks and tech giants collectively declined, with risk assets under pressure:
👉 Cryptocurrency Sector
Coinbase (COIN) fell 2.3%, continuing the downward trend under regulatory pressure.
Trump Media & Technology Group (DJT) fell 3.34%, with $TRUMP coin speculation retreating dragging it down.
Mining stocks led the decline: MicroStrategy (MSTR) fell 2.86%, MARA fell 3.18%, Riot fell 3.33%, Hut 8 fell 2.85%, with concerns exacerbated by underwhelming hash power expansion and rising electricity costs.
👉 Tech Giants
Microsoft (MSFT) fell 0.46%, with expectations of slowing Azure cloud growth suppressing valuations.
Apple (AAPL) fell 1.25%, with the EU's Digital Markets Act impacting the app store ecosystem.
Nvidia (NVDA) fell 1.78%, with concerns rising over AI chip orders peaking in the short term.
Meta (META) fell 1.36%, with Reality Labs burning cash + weak ad recovery exerting dual pressure.
Google (GOOG) fell 0.9%, Amazon (AMZN) fell 1.11%, both underperforming the market.
👉 Key Market Data
The 30-day correlation between cryptocurrency stocks and tech stocks rose to 0.82, with funds simultaneously fleeing high-risk assets. The probability of a Fed rate hike in June increased to 32% due to unexpectedly sticky core inflation. The average decline in the cryptocurrency sector was 2.9%, significantly higher than the S&P 500 futures decline of 0.8%.
Data shows that market concerns about a Fed rate “hard landing” have intensified, leading to a broad decline in risk assets, with the high beta characteristics of cryptocurrency and tech stocks amplifying the pressure to correct.
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