- The jitters in the crypto market after Elon Musk attacked the energy usage of bitcoin may be bleeding a bit into the stock market, with the Nasdaq (COMP.IND) +0.6% briefly dipping into negative territory.
- Crypto confusion has pushed Tesla below its 200-day moving average and that's weighing on the index, which started the day as the leader of the major averages.
- The Nasdaq is getting little benefit from the drop in rates, with the 10-year Treasury yield off 3 basis points to 1.67%.
- Amazon has also turned lower, erasing the gains in Consumer Discretionary (NYSEARCA:XLY).
- But 9 sectors are still higher, helping the S&P (SP500) +1% hold onto gains, with the Dow (DJI) +1.2% still leading.