Apple: -10%, $400 Billion Wiped Out. A Nightmare Session, but Amazon Soars. Crypto Stocks Slump

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Few would ever have imagined seeing Apple lose 10% in a single session without reports of its Cupertino headquarters being bombed or incredible innovations from competitors. Instead, all it took was lukewarm quarterly results—which nevertheless beat forecasts—to bring down what had become the world’s most valuable company by market capitalization. By contrast, Amazon is soaring, for the same reasons, but in the opposite direction. It is a session for which weak stomachs are ill-suited on Wall Street, with markets that—at least in terms of volatility—are increasingly resembling the crypto markets of old.

On average, however, it is a day of ordinary madness, with the major U.S. indices recovering after opening sharply lower and aiming to close the week with a positive session. Cryptocurrencies are paying a relatively high price, with Bitcoin heading toward the close of the traditional trading week down 3% over 24 hours.

All crypto-sector stocks are performing poorly

Coinbase—following disappointing quarterly results—is down more than 11% on the stock market at the time of writing. It is not the only company in the crypto sector to post losses, however. Circle, Gemini, Bitmine, and Nakamoto are also performing poorly. STRC, Saylor/Strategy’s special shares, are doing well, albeit with a gain of just 0.75%. The group intends to bring them back to $100 in order to resume buying Bitcoin.

The group’s ordinary shares, meanwhile, are under pressure: MSTR is heading toward the close of the week’s final session down 5%, with its price below $93.

It is a negative session for the entire sector, with Solmate losing 1.5% on the stock market and falling below $4 per share despite the partnership announced with Kraken.

Chips are holding up fairly well; semiconductors and software are performing well

Aside from Apple’s dreadful performance (-10%), Nvidia (+1.65%) is doing well, but Amazon (+15.4%) is doing especially well, benefiting from quarterly results that pointed to strong growth in the cloud and AI sectors.

Micron is performing poorly, losing 4.33%, as is SNDK, within an otherwise positive map of gains and losses. To put the figures into perspective, index performance would have been considerably better if the company that was, until yesterday, the world’s most valuable by market capitalization had not fallen by almost 10%.

The market is probably still digesting the end of its wunderkind’s run.