Bitcoin plunges to $91,000 as Dow tumbles more than 550 points, losses led by Nvidia

Hardware stocks cratered Monday after Morgan Stanley downgraded seven data center names, citing mounting pressure from soaring memory costs and overstretched valuations.

The bank issued a rare double downgrade on Dell, slashing it from overweight to underweight, and cut Hewlett Packard Enterprise (HPE) to equal weight. Shares of Dell sank 8%, while HPE dropped 7% by the close.

Other cuts included HP Inc, Asustek, and Pegatron, all lowered to underweight, and Gigabyte and Lenovo, downgraded from equal weight to overweight. All seven names fell up to 6%.

Morgan Stanley said the sector is caught in a pricing “supercycle” driven by surging demand from hyperscalers building out AI infrastructure.

But spiking prices for DRAM and NAND flash memory, both key components in data center hardware, are expected to slash margins, especially as memory fulfillment rates could drop to just 40% in the next two quarters.

The firm pointed to the 2016-2018 memory boom, when NAND and DRAM prices spiked 80–90%, triggering gross margin compression across PC and server manufacturers.

Dell, one of the most exposed names, saw its margins shrink 95 to 170 basis points during that period, and analysts warned a similar squeeze could hit again.

With Samsung reportedly hiking memory chip prices by as much as 60% since September, analysts expect Dell’s margins to stay under pressure for 12-18 months, especially as the company builds systems around Nvidia chips for clients like CoreWeave.

Bitcoin fell 2.9% on Monday to $91,529, reigniting concerns that the crypto slide could drag U.S. equities lower, particularly as AI-heavy portfolios remain tightly linked to the OG crypto.

The S&P 500 was last down 1.3%, with analysts closely watching whether Bitcoin breaks below $90,000, a decision that could unleash new selling pressure across risk assets.

eToro’s Bret Kenwell called Bitcoin a “leading indicator” for stocks and warned that a sustained break below that key level could deepen the market’s pullback. Over the past week, Bitcoin is down 13%, while the S&P 500 has slipped 2.8%, reflecting rising investor anxiety.

Amberdata’s Greg Magadini flagged a potential credit market freeze as another threat, especially for large crypto holders like Strategy, who may be forced to liquidate assets if refinancing becomes impossible. With the Fed now seen holding rates steady in December (55% odds), the tight borrowing environment could pressure both crypto and equity markets even further.

This post is updated LIVE.

U.S. Treasury yields dipped slightly Monday as investors awaited a heavy slate of backlogged economic reports following the end of the 43-day government shutdown, the longest in U.S. history.

The 10-year yield edged down less than 1 basis point to 4.139%, while the 2-year slipped to 3.606%, and the 30-year yield dipped to 4.741%.

Across the curve, moves were muted but pointed to cautious positioning ahead of the long-delayed September jobs report and other key data releases.

Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, just became one of the most bullish voices on Wall Street, predicting the S&P 500 will jump another 16% over the next year, and hit 7,800 by end-2026.

Wilson believes the market is in a new bull phase, led by a fresh earnings cycle, especially in previously lagging sectors. He expects S&P 500 EPS to rise 17% next year and 12% in 2026, driven by AI-fueled efficiency, strong pricing power, pro-business policies, and rate stability.

Notably, Wilson stuck to his bullish call in April, even as stocks tanked during Trump’s sweeping tariff announcement, and was proven right when the index snapped back to a record high after the policy softened. Now, he says, corporate America is just getting started.

This post is updated LIVE.

QCP Capital said Bitcoin’s drop, now a 27% slide from its all-time high, has flipped the crypto market fully cautious.

Last week’s weekly close below $100K for the first time since May 4 and a decisive break of the 50-week moving average have cemented a bearish tone. The end of the four-year cycle is now part of the narrative, and in crypto, narrative drives everything.

Technically, BTC is clinging to $92K support, a level that held in Q4 2024 and Q1 2025, and which also lines up with an unfilled CME gap, possibly opening the door to a short-term bounce.

But overhead supply remains heavy, and macro uncertainty plus weak liquidity continue to weigh.

Macro-wise, the U.S. government reopening means a rush of delayed data is coming, with the September jobs report due Thursday. Equities are already flashing warning signs, with the VIX above 20 and broad indices turning defensive.

In crypto options, implied vol is over 50, with skew sharply tilted to puts, showing heavy downside hedging. Unless Bitcoin holds above $88K or $74.5K, QCP says the risk is that the bull cycle breaks completely.

This post is updated LIVE.

Japanese tourism stocks crashed Monday after China warned its citizens against visiting Japan, escalating a diplomatic standoff over Taiwan.

Shares of Isetan Mitsukoshi plunged 10.7%, its biggest drop in over a year. Oriental Land, which runs Tokyo Disneyland, lost 5.9%, and Japan Airlines fell 4.4%.

The selloff followed Beijing’s warning Friday that Japan would suffer a “crushing” defeat if it used force over Taiwan, sparking fears of a broader fallout.

On Monday, Japan’s top spokesman Minoru Kihara pushed back, saying travel restrictions would violate agreements between both nations. Senior diplomat Masaaki Kanai was dispatched to Beijing for urgent talks with China’s Liu Jinsong, according to local reports.

Tourism, turbocharged by a weak yen, has become a key pillar of Japan’s economy. In September, over 650,000 Chinese tourists visited, second only to South Korea.

But now, Nomura’s Takahide Kiuchi warns that a Chinese travel boycott could cost Japan ¥2.2 trillion ($14.2 billion) in lost GDP annually, wiping 0.36% off growth.

This post is updated LIVE.

From Nov. 10 to 14, U.S. spot Bitcoin ETFs saw $1.11 billion in net outflows, their third straight week of losses.

Ethereum ETFs shed $729 million, the third-largest weekly outflow ever, with zero net inflows across all nine funds. Meanwhile, Solana ETFs pulled in $46.34 million, extending their three-week inflow streak.

This post is updated LIVE.

Asian stocks were all over the place on Monday, as investors tried to make sense of growing diplomatic heat between Japan and China, fresh economic data, and ongoing global market jitters.

The spotlight is squarely on Japan, where shares took a hit after Beijing issued a warning to its citizens about traveling to or studying in Japan, stoking fears of a broader fallout.

The Nikkei 225 dropped 0.34%, while the broader Topix lost 0.44%, led lower by stocks exposed to tourism and Chinese consumers.

Shiseido, Japan’s beauty giant, collapsed 11%. Department store operator Isetan Mitsukoshi Holdings plunged over 10%, and Oriental Land, which runs Tokyo Disney Resort, fell nearly 5%. Even airline operator ANA Holdings shed 3.48%, as the prospect of fewer Chinese visitors rattled travel-linked names.

It wasn’t all doom, though. Japan’s economy shrank by just 0.4% last quarter, way better than expected, though still negative. But the shadow of geopolitical tension and weak consumption loomed large.

Elsewhere, things looked brighter. South Korea’s Kospi surged 1.69% to 4,079.25, and the Kosdaq gained 0.68%, riding tech momentum.

India’s Nifty 50 edged up 0.24%, while mainland China’s CSI 300 was basically flat, and the Shanghai Composite fell 0.43%. Hong Kong’s Hang Seng, dragged by property and tech, lost 0.80% to close at 26,359.22.

Australia’s ASX 200 slipped 0.12%, caught in the crosswinds of global growth uncertainty and sluggish commodity sentiment.

This post is updated LIVE.

With rate cut hopes fading and traders still recovering from last week’s wild swings, markets kicked off the new week with barely a pulse. Dow futures slipped just 58 points (0.1%), while the S&P 500 and Nasdaq-100 futures hovered near unchanged. But under the surface? Worries are piling up fast.

The Nasdaq Composite wrapped last week down 0.5%, dragged lower by heavy hitters like Alphabet, Amazon, Broadcom, and Meta Platforms.

Those same names, once darlings of the AI trade, are now caught in a crossfire of valuation fears, sector rotation, and a brutal recalibration of Fed expectations. Even as the Dow and S&P 500 eked out small gains, both saw a Thursday cliff dive that shook investor confidence.

Now, Wall Street’s next big test is almost here. Nvidia, the undisputed poster child of the AI boom, reports earnings on Wednesday, and expectations are sky-high. Miss the mark, and the whole AI narrative could buckle.

Meanwhile, the state of the American consumer will be in the spotlight too, with Walmart and Home Depot dropping results that could hint at just how deep the economic slowdown really runs.

This post is updated LIVE.

As Bitcoin tumbles and markets wobble, the real storm may just be getting started, in bonds.

With the U.S. government shutdown officially over, Treasury traders are preparing for a flood of economic data that’s been stuck behind bureaucratic floodgates since early October.

Front and center: the long-delayed September jobs report, now scheduled to drop on Thursday.

For weeks, investors have been flying blind, relying on patchy signals from private outfits like ADP, which showed softening job growth and helped justify the rate cuts at the Fed’s September and October meetings.

But here’s the catch: the official government numbers could come in hot. If the Labor Department prints a stronger-than-expected hiring number, it could derail expectations for another cut in December, already dangling by a thread at just 44.4% probability, according to CME Group.

Worse, the data might end up skewed or incomplete due to the shutdown itself, injecting even more uncertainty into an already fragile market.

Fed officials, still grappling with sticky inflation, are watching these releases closely. A single upside surprise could convince them to pause again in December, or even push back rate cuts into 2026.

For Bitcoin and every other asset class dancing to the tune of liquidity, that would be a cold slap of reality.

This post is updated LIVE.

Nothing captures the crypto buyer’s strike more vividly than Michael Saylor’s Strategy, the once-revered Bitcoin mega-bull now staring down a market that no longer cares.

After years of evangelizing leveraged treasury plays and pouring billions into Bitcoin, Saylor’s firm is now trading almost exactly in line with its BTC holdings. The message from investors? No more premium for conviction. Not when the math is this brutal.

It’s a painful turn for the man who helped make corporate Bitcoin bets cool. But then again, boom-bust chaos is the only constant in crypto. Back in 2017, Bitcoin surged 13,000%, only to get cut down by 75% the next year. Fast forward to 2025, and the rhythm hasn’t changed — only the stakes have gotten bigger.

This year alone, Bitcoin plunged to $74,400 in April when Trump rolled out his tariff shocker, then ripped to a record $126,251, and now it’s back down to $94,000. That one coin still commands nearly 60% of the entire $3.2 trillion crypto market. But dominance doesn’t mean immunity.

Smaller tokens — the ones that fly the highest in bull runs — are getting absolutely wrecked. A MarketVector index that tracks the bottom 50 of the top 100 coins is down 60% this year. These low-liquidity assets once outperformed everything when times were good. Now? They’re dragging portfolios underwater even faster.

The crash below $93,714 on Sunday dragged the cryptocurrency beneath its year-end 2023 close, erasing the entire 30% rally sparked by Donald Trump’s pro-crypto win and a euphoric start to the year.

The unraveling began shortly after October 6, when Bitcoin soared to a record $126,251. But just four days later, unexpected tariff threats from Trump blindsided markets, flipping risk sentiment overnight and kicking off a global unwind.

Since then, risk appetite has vanished, especially in tech; and crypto, once again, was first to flinch.

“This is a classic risk-off move,” said Matthew Hougan, Bitwise CIO based in San Francisco. “Crypto was the canary in the coal mine.”

ETF allocators and corporate treasuries, who helped build Bitcoin’s legitimacy throughout the year, have stepped back hard.

According to Bloomberg, ETFs brought in more than $25 billion this year, fueling a run that briefly lifted total crypto fund assets to around $169 billion. But that institutional tailwind has gone silent.

And without that steady bid, Bitcoin is left hanging on narrative alone.

This post is updated LIVE.