Stocks were little changed in early trading Monday after the U.S. bombed three nuclear sites in Iran over the weekend.
The Dow Jones Industrial Average and S&P 500 were recently up 0.1% and 0.2%, respectively, while the tech-heavy Nasdaq Composite slipped less than 0.1%. Each of the major indexes were near unchanged last week as investors kept close tabs on fighting between Israel and Iran that escalated over the course of the week, while awaiting a decision from President Donald Trump on whether to enter the conflict.
Late Saturday, Trump announced that the U.S. had “obliterated” Iran’s nuclear enrichment facilities. It’s unclear how Iran might respond, which could lead investors to steer clear of risky assets such as stocks and cryptocurrencies. The oil market is particularly sensitive amid concerns that supplies could be disrupted if critical infrastructure is destroyed or shipping lanes are blocked.
West Texas Intermediate futures, the U.S. crude oil benchmark, were at $74 per barrel in recent trading, up 0.2% from Friday’s close, after surging to around $78 earlier today, the highest level since January.
Bitcoin was trading at $101,500, down from around $104,000 on Friday afternoon but up from a low of below $99,000 on Sunday. Shares of major bitcoin buyer Strategy (MSTR) and crypto exchange Coinbase Global (COIN), were each down about 1% in early trading.
Shares of the world’s largest technology companies were mostly lower this morning. Nvidia (NVDA) and Alphabet (GOOG) were each down about 1%, while Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) fell slightly. Tesla (TSLA) jumped nearly 4% after the electric vehicle maker on Sunday launched its driverless robotaxi service in Austin, Texas, while inched higher.
Gold futures were down 0.1% recently at $3,380 an ounce, after moving as high as $3,415 earlier as some investors turned to the traditional safe haven amid the geopolitical uncertainty.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.35%, down from 4.38% at Friday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.5% at 99.24, trading at its highest level of the month.
Bitcoin Levels to Monitor Amid Cryptocurrency Volatility
33 minutes ago
Bitcoin (BTCUSD) briefly fell below $99,000 on Sunday as news that the U.S. had struck Iranian nuclear sites caused investors to reassess their appetite for risky assets.
The digital currency moved as low as $98,200 on Sunday afternoon, its lowest level since May 8, amid uncertainty about the geopolitical and economic outlook after the U.S. late Saturday entered a conflict between Israel that had intensified over the past week. In recent trading, bitcoin had rebounded to about $101,500 but was still well down from its high last Monday of near $109,000.
After trending sharply higher between early April and late May, bitcoin has consolidated within a descending channel.
Over the past week, the cryptocurrency’s price has retraced toward the pattern’s lower trendline, an area on the chart that closely aligns with the psychological $100,000 level. Moreover, recent selling has coincided with the relative strength index falling below its neutral threshold, signaling weakening price momentum.
Investors should watch crucial support levels on Bitcoin’s chart around $100,000 and $92,000, while also monitoring resistance levels near $107,000 and $112,000.
Read the full technical analysis piece here.
Major Index Futures Little Changed
1 hr 34 min ago
Futures tied to the Dow Jones Industrial Average were down 0.1% in recent trading.
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S&P 500 futures were fractionally lower.
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Nasdaq 100 futures also fell less than 0.1%.
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