Breakfast Bites - Still risk-off?

Author

Ayesha Tariq
June 25, 2024

Rise and shine everyone.

Yesterday, was an ugly for US markets, led mostly by the decline in Nvidia. It’s odd to see how just one stock can have such an influence on the overall market. But, most of the Mag 7 was also down. The Dow and the Russell small cap index however, closed in the green.

Overall, sector rotations showed a bias towards Energy led by higher crude prices (WTI reached at $81.63), and then Defensives. It’s almost as if the market was on edge, as we pointed out yesterday morning.

The risk-off sentiment was more pronounced in Bitcoin, with the pullback to just below 58,800, after the close. We’ve since seen a recovery back to 61,240 now.

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