US tech stocks decline on rising Treasury yields while Bitcoin holds near $64K, showing relative resilience.
Macro & Markets ·
US stock futures declined as Treasury yields climbed to their highest levels since June 2007, with the Nasdaq 100 falling 1.2%, the S&P 500 dropping 0.5%, and the Dow down 0.1%. Tech stocks bore the brunt of the move, as the 10-year yield reached 4.74% and the 30-year hit 5.2%. Nvidia and Micron Technology shed roughly 2% and 4% respectively in premarket trading, while rising oil prices near $84.5 per barrel compounded the pressure on equities.
In contrast, Bitcoin demonstrated relative stability, holding above $64K with gains of approximately 1% over the prior day, while the total crypto market cap rose 0.5% to around $2.28 trillion. This decoupling represents a departure from historical patterns, where declines in risk-on assets typically trigger steeper drops in cryptocurrencies.
The divergence suggests crypto absorbed macro headwinds more effectively in this cycle, though whether this reflects structural resilience or a temporary reprieve remains unclear.