While stocks (^IXIC, ^GSPC, DJI) open Thursday in the green, the crypto sector is coming out swinging the day after US Securities and Exchange Commission (SEC) regulators passed approval for a spot bitcoin ETF.
Yahoo Finance’s Jared Blikre deep dives into morning market performances, eyeing bitcoin's (BTC-USD) climb above $47,000 as several spot bitcoin ETFs (BRRR, IBIT, BTCW) begin trading.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Eyek Ntekim.
Video Transcript
SEANA SMITH: Let's take a look at the equity markets because remember, we did get that CPI print just about an hour ago, slightly hotter than expected. Jared Blikre's standing by at the interactive with a closer look at some of the moves that we're seeing. Jared.
JARED BLIKRE: Hi. I was just looking for this first NASDAQ print, which we got a second ago. NASDAQ up about 1/3 of a percent and the S&P 500 up 1/4 of a percent, Dow right there with it. And interesting to see stocks opening positively because just a few minutes ago in the premarket, we saw that initial downdraft.
But here's what the S&P 500 has done over the last five days, up over 2%. It is just within a hair-- a hair of its all-time record-closing high, an intraday high for that matter. We'll have to see how that develops.
Just taking a look at the sector action today, we have tech that is in the leader. Spot that's up 3/4 of a percent, followed by energy and communication services. Real estate is the biggest loser here down 8/10 of a percent along with utilities and health care, by the way. Interesting to see that happen because those have been the leaders up until yesterday. We saw a resurgence of the mega cap and the Mag 7 trade yesterday.
But let's get a check on the crypto market here. We have some ETFs that are just starting to trade today. Don't pay attention too much to the returns here. But, for instance, let's take a look at IBIT. We can see just not really any trading history just yet, which is kind of what we'd expect. But we'll be checking on that to see how the trading in these ETFs develops throughout the day.
Also taking a look at Bitcoin itself. That is up 5%. And what a rocky five days. By the way, I believe this is the highest in years. And we can see over the last five days, yes. Here is the decision that we got. Well, it ended up being a false decision just a couple of days ago. Here was the real decision.
And off to the races here. Let me put a five-year chart so we can really see some of the price history that we're bumping up against. You got to go all the way back to 2021. And there is a lot of price memory there.
So I'm gonna take another catalyst perhaps. Could it be the Ethereum-- spot Ethereum ETF? Hard to say. But Ethereum itself is up 9%. And just taking a look at some of the other tokens here. By far and away, Bitcoin looks like not quite the biggest here but some big gainers in the crypto sphere, guys.
BRAD SMITH: All right. We're gonna continue to monitor that and discussion coming up. Yahoo Finance Reporter Jared Blikre.
