The article outlines key market stats to know before the open, along with signals of a rough day ahead for tech shares and a pullback in crypto and bitcoin.
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Related news
- Wall Street analysts urge investors to buy crypto stocks after $6.3 billion Binance hack
- Michael Saylor Reveals Why Wall Street Prefers Cash to Bitcoin
- Bitcoin risks worst October in 12 years as tech sell-off spreads to gold
Bitcoin hovered around $77,000 at the Friday Wall Street open as risk assets sold off, with the Nasdaq Composite falling 2.5% to about 25,500 on renewed AI concerns and weak guidance from tech firms such as Intel, whose stock dropped nearly 30%. Gold fell to $3,891 per ounce, its weakest in a year, as the rout spread beyond stocks. Bitcoin was on track to close October 7.7% lower, its worst October performance since 2014, according to CoinGlass. Crypto markets were also dealing with the aftermath of the $6.3 billion Binance hack, with Binance saying it would cover the losses and had $5 billion in matching tokens available. QCP Capital said macro conditions, tech-sector fears and the hack had created a period of heightened market repricing.
- Intel, Amazon Lead Tech Lower as Crypto Markets Rattled Amid $6.3 Billion Binance Hack: AlphaCheck
U.S. stocks fell on Friday, with Intel (INTC) and Amazon (AMZN) leading declines in the Technology (XLK) and Consumer Discretionary (XLY) sectors after their quarterly results. The drop followed a 12% plunge in Alphabet (GOOG, GOOGL) shares in the previous session. Crypto markets were also rattled after Binance reported a $6.3 billion breach, likely the largest heist in history, with Bitcoin falling to around $77,000 and Ether dropping 4% to about $2,200. Crypto-related stocks, including Circle (CRCL), Coinbase (COIN), Robinhood (HOOD) and Strategy (MSTR), also declined, while Brent crude rose 2% to near $113 a barrel and WTI climbed to $103.
- Bitcoin dips below $80,000 as Samsung-led tech jitters and a hawkish Fed weigh on crypto
- Bitcoin Analysis: BTC Is Falling on Doubts About AI Spending. Is It Trading Like a Tech Stock Now?
Bitcoin dropped below $80,000, slipping as much as 1.4% to under $79,300 and trading near its 30-day low of $79,107, and is down 4.1% so far in October. The decline coincided with an AI and tech stock selloff on October 22, when the Nasdaq Composite fell 2.6% and the S&P 500 fell 1.2%, amid worries about rising borrowing costs for data centers and AI chips. The article notes that systematic funds often group Bitcoin with risky assets, and U.S. spot Bitcoin ETFs saw net outflows of about $773 million over October 22 and 23. The 21-day correlation between Bitcoin and the Invesco QQQ Trust rose to 0.67, versus 0.38 over 63 trading days, though QQQ is up 15.2% in 2026 while Bitcoin is down 8.4%.
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Latest news
- Datadog Sinks 12%, CrowdStrike Falls 4% Despite $6.3 Billion Binance Hack Spotlighting Cyber Defense; Palo Alto and Fortinet Slide 3%
Datadog fell 12% to $233.41 and CrowdStrike dropped 4% to $249.58 in afternoon trading, even though a $6.3 billion crypto theft at Binance highlighted the value of cyber defense. Palo Alto Networks and Fortinet also slid about 3%, with Fortinet extending a steep drop that followed its October 28 Q3 2026 report, which cited slower conversion of service billings and rising component costs. The article ties the sector's decline to hyperscaler earnings, including Alphabet's loss of more than $500 billion in market value after reporting negative $9.1 billion in free cash flow, which fueled worries about AI spending. Datadog is seen as especially exposed because its revenue grows with cloud usage, while CrowdStrike posted record net new ARR of $332.8 million in Q2 FY2027 but trades at 190x forward earnings.
- Visa Just Raised Its Dividend 16%. Here Are 3 More Blue Chips Built for Dividend Growth
Visa raised its quarterly dividend 16% to $0.78 per share, and the article argues that dividend growth can outpace a high yield over time. At a share price of $413.44, Visa's annualized yield is about 0.75%, with the payout using about 25.3% of trailing EPS of $12.32. Microsoft yields 0.6717% with a payout ratio of about 20.3%, and its next quarterly payment of $0.98 is roughly a 7.7% raise, though the AI buildout is absorbing cash, with $45.2 billion in quarterly capital spending. Costco yields 0.56%, supported by membership fees, and its regular quarterly dividend of $1.47 follows a raise of about 13.1%. The article notes Costco trades at about 47 times trailing earnings, a high price for this level of quality.
- Bitcoin Dips Below $80,000. Here Are the 5 Factors That Are Impacting the Price of Bitcoin Right Now.
Bitcoin hit a record $126,198 on Oct. 6, 2025, but now trades near $77,000 as rising interest rates, including the Fed's first hike in three years in September, pushed investors toward safer assets. The article says stablecoins are competing with Bitcoin's role in payments, citing Ark Invest's Cathie Wood, who cut her 2030 price target from $1.5 million to $1.2 million. The Binance hack, in which $6.3 billion was stolen and withdrawals were halted, raised questions about exchange security, while quantum computing poses a long-term 'Q-day' risk to Bitcoin's private keys. The article also notes Bitcoin lacks near-term catalysts, with its next halving not due until 2028 and the demise of the CLARITY Act possibly keeping institutional investors away.
- Nvidia’s AI Dominance Could Have Further to Run
Nvidia shares sit 11% below their 52-week high of $243.37 after another strong quarter, and the 24/7 Wall St. price target of $259.77 over 12 months implies 20.26% upside from $216.20. The model gives the stock a positive rating with high confidence, citing fiscal Q2 2027 revenue of $96.22 billion, up 105.8%, and Q3 guidance of $108 billion. Management expects fiscal 2028 revenue to grow about 70% in a supply-constrained outlook, and the Vera Rubin platform lifts the revenue opportunity to $40 billion per gigawatt from $25 billion for Blackwell. Critics point to gross margins that may bottom at 71% to 72% in Q4 as memory costs rise, along with $279 billion in supply commitments and a bear-case estimate of $226.09. The consensus target from 59 analysts is $328.95.
- Can Elon Musk's $119 Billion Terafab Chip Plant Pay Off Without Outside Customers?
Elon Musk says the Terafab project, estimated at up to $119 billion, is going well. Meanwhile, a Korean supplier is getting replies within an hour.
- Why Cerebras Stock Dropped Today
Cerebras Systems shares fell about 6% by 11:20 a.m. ET on Friday, following Intel's earnings report. Intel beat expectations with earnings of $0.52 per share versus $0.40 forecast and $16.5 billion in sales, but guided Q4 earnings to about $0.25 per share and revenue of no more than $16 billion, below the $17.1 billion Wall Street had hoped for. The article notes both Intel and Cerebras are seen as AI stocks, so the health of the AI economy matters to both; Intel's AI-for-data-center revenue rose 78% year over year, but its Q4 guidance implies a drop of more than 50% in profits. Intel CFO David Zinsner said demand for data center and AI products is expected to keep exceeding supply through 2027 and into 2028, while Intel's sales weakness is in PCs, a market Cerebras does not target.
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