Cryptocurrencies Weather Equity Selloff Storm
The cryptocurrency market remained relatively stable on Thursday as major assets like Bitcoin and Ether showed little movement in price. This resilience is notable, given the ongoing turmoil in global equities. The Nasdaq 100 futures rebounded about 1% after entering technical correction territory.
Despite this, tech earnings delivered mixed signals. Microsoft reported its fastest cloud revenue growth in four years, but Meta Platforms issued a weaker-than-expected revenue outlook, causing its stock to fall around 8%. Samsung Electronics' chip profits soared more than 250-fold, driven by strong demand for AI memory chips.
The semiconductor sector has been a major focus of investor attention. However, the market's response to these earnings was muted, with shares gaining only about 2%.