In this last trading session, the outlook for financial markets proved challenging, with notable declines in both the stock and cryptocurrency sectors. The S&P 500 index fell 1%, mainly influenced by the decline in technology stocks. At the same time, the Nasdaq Composite, which concentrates high-technology companies, fell 1.3%. The Dow Jones Industrial Average also recorded a reduction, falling 0.9%, which is equivalent to a loss of more than 300 points.

This negative move in stocks followed a previous day of gains, driven by big names in the technology sector. The subsequent drop was a response to the balance between a smaller-than-expected rise in wholesale inflation and a surprise rise in consumer prices that reignited market concerns.

In the banking sphere, the financial results of important institutions were analyzed in detail. BlackRock, for example, saw its shares fall almost 2% after reporting a significant increase in profit. Big banks like JPMorgan and Wells Fargo also posted declines following their earnings announcements. Jamie Dimon, CEO of JPMorgan, highlighted the influence of “inflationary pressures and Federal Reserve policy” as the main factors impacting the market.

Cryptocurrency market today

In the cryptocurrency sector, Bitcoin did not maintain its value above the $70,000 mark and fell below $69,000. It is currently trading at $68,800 with a bearish angle.

Likewise, most major altcoins are trading in the red zone. ETH traded below $3,500 support levels with a 2% drop. XRP fell below $0.60. ADA is approaching the $0.55 support. Solana cryptocurrency is close to the $166 zone down 4%.

However, not all cryptocurrencies felt the brunt of the downtrend. BitTorrent (BTT) and BNB stood out with increases, quoted respectively at US$0.05157 with an increase of 5% and US$0.05157 with an increase of 2%.