Before the market opened on Tuesday, the fourth day of the conflict in the Middle East brought new volatility to global markets, with safe-haven positions shifting significantly.
Bitcoin has fallen 3% in the past 24 hours to fall below $67,000 after briefly touching $70,000 on Monday. On the equity front, the Invesco QQQ (QQQ) ETF ended the week slightly higher but is now down about 2% in pre-market trading.
Metals are also under pressure. Both gold and silver were lower, with gold holding above $5,300 an ounce and silver falling another 4% to around $85 an ounce.
In energy markets, WTI crude oil prices are above $74 a barrel, up 5% in the past 24 hours, and are near Sunday’s futures high, just above $75. At the same time, the U.S. dollar strengthened sharply, with the DXY index rising above 99, the highest level since January 20.
Treasury yields edged higher across the curve. The yield on the 10-year U.S. Treasury bond has remained steadily above 4% and approaching 4.1%, reflecting continued interest rate pressure.
Cryptocurrency-related stocks are tracking Bitcoin lower. Strategy (MSTR), the largest publicly traded holder of Bitcoin, fell 2%. Coinbase (COIN) fell 5%, Galaxy Digital fell 3%, and artificial intelligence-focused miners IREN (IREN) and Cipher Digital (CIFR) also fell about 4%.
