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Bitcoin jumped above $70,000, hitting its highest level since February 15, while crypto-linked stocks like Coinbase (up 4.34%) and Robinhood (up 4.19%) also gained.
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U.S. stocks steadied and then bounced, with the Nasdaq up about 0.3% and the S&P 500 slightly positive, while the Dow stayed a bit lower, down around 47 points (about 0.1%).
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The early selloff was sharp before the rebound, with the Nasdaq down as much as 1.6% and the S&P 500 and Dow each down roughly 1.2% at the lows, before Nvidia and Microsoft helped pull tech higher.
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Morgan Stanley says investors should start leaning back into Nvidia, arguing the stock now offers what the bank calls an attractive entry point.
The firm kept its overweight rating and its $260 price target on the AI chip giant, which is also the largest public company in the U.S.
Morgan Stanley also bumped Nvidia to its top semiconductor pick, replacing Micron Technology.
The call comes with a lot of math behind it. Nvidia shares are up about 45% over the last year, but they are down roughly 3% so far in 2026. Morgan’s 12-month target of $260 implies about 47% upside from Friday’s close of $177.19.
Analyst Joseph Moore said valuation is a big part of why the setup looks better now. He wrote that Nvidia is trading at around 18 times estimated 2027 earnings, which he described as a “surprisingly good entry point.”
Joseph said the stock’s recent sluggishness has been tied to worries about market share and whether current growth can hold up. But he argued there is no sign that big cloud players are about to pull back on their spending for Nvidia’s chips this year.
Joseph wrote that the spending looks set to stay strong for at least a couple more years, even if he does not buy the most extreme projections that talk about hundreds of gigawatts in 2029.
He also said he does not see a demand peak in 2026, and added that his growth expectations for calendar 2027 keep rising.
On the product side, Joseph said Nvidia’s share could slip this year, but demand should stay firm for Rubin, which he expects to be shipping in the second half of the year.
Morgan Stanley also expects Nvidia to tackle the market-share narrative at its GTC AI conference later this month, and believes the company can lay out a leadership roadmap that keeps it ahead of rivals.
Crypto-linked stocks were also active. Robinhood Markets traded at $79.03, up 4.19%, while Coinbase Global was at $183.48, up 4.34%.
Strategy climbed to $138.92, up 7.27%, and Block was at $63.56, down 0.21%. PayPal slipped to $45.54, down 1.45%, and MercadoLibre was at $1,751.11, down 0.37%.
Among crypto infrastructure and miners, Circle Internet Group stood out at $93.71, up 12.31%, with $1.7 billion in 24-hour volume. Galaxy Digital traded at $21.82, up 5.97%, while Bitmine Immersion Technologies was at $20.84, up 9.8%, with $506.6 million in 24-hour volume.
MARA Holdings rose to $9.82, up 9.84%, and CleanSpark traded at $10.71, up 7.64%. TeraWulf was at $16.79, up 3.48%, Riot Platforms at $16.75, up 2.85%, and Cipher Mining at $16.18, up 3.72%. Hut 8 was at $54.84, up 3.02%.
There were also sharp moves further down the list. Figure Technology Solutions jumped to $29.55, up 16.87%, Metaplanet traded at $2.19, up 10.05%, and SharpLink Gaming was at $7.50, up 9.9%.
Bitfarms was nearly flat at $2.21, up 0.45%, while HIVE Digital Technologies traded at $2.25, up 4.91%. On the weaker side, Net Holding A.S. fell to $44.30, down 2.98%, Nexon traded at $20.59, down 3.2%, and Argo Blockchain was at $2.86, down 3.38%. Canaan was at $0.51, up 3.34%, and Greenidge Generation traded at $1.28, up 4.92%.
A handful of names showed no listed move in the data provided, including Boyaa International at $0.45, Semler Scientific at $0, Twenty One at $0, ProCap BTC at $0, and Sol Strategies at $0. Nano Labs was listed at $2.95 with no percentage change shown.
Bitcoin pushed above $70,000, hitting its highest level since February 15, even as markets kept reacting to the weekend’s U.S. and Israel strikes on Iran.
In U.S. trading, the mood improved as the day went on. The Nasdaq Composite and S&P 500 both turned positive after being sharply lower earlier, as traders kept one eye on geopolitics and the other on how quickly risk appetite could come back.
The tech-heavy Nasdaq was last up about 0.3%, while the S&P 500 was hovering just above flat. The Dow Jones Industrial Average stayed slightly in the red, down about 47 points, or roughly 0.1%.
The rebound was driven by the same place the market usually runs to when it wants to recover fast: big tech. Gains in names like Nvidia and Microsoft helped pull the major averages off their lows.
At one point, the Nasdaq had been down as much as 1.6%, while both the S&P 500 and the Dow were down around 1.2% at their session bottoms.
Safe-haven demand was still there, though. Gold futures were up about 1%, and the CBOE Volatility Index (VIX), Wall Street’s main fear gauge based on options pricing, jumped to its highest level of 2026 so far.
U.S. Central Command said three U.S. fighter jets went down over Kuwait in what it called a friendly fire event. CENTCOM said no crew members were injured.
The crashes come as the U.S.-Israel fight with Iran moves into day three, with the region on edge and the situation changing fast.
Earlier, residents reported loud explosions in Dubai and Abu Dhabi. In Tehran, Iran’s security chief said talks with Washington are no longer happening, taking diplomacy off the board for now.
The disruption is spilling into travel. Emirates and Etihad said they have temporarily stopped all departures from their UAE hubs, adding to broader chaos for passengers and airlines across the region.
Energy infrastructure is also getting pulled into the conflict. Saudi Aramco said one of its refineries was hit, triggering a small fire that the company said was contained.
Amazon Web Services said its cloud facilities in the Middle East ran into serious power and connectivity problems on Monday after unidentified objects hit its data center in the United Arab Emirates.
AWS said the strike triggered a fire on Sunday, and authorities eventually cut electricity to two clusters of Amazon data centers in the UAE.
On its status page, AWS said getting everything back up would take several more hours, and that full recovery was “many hours away” for customers in both the UAE and Bahrain.
The disruption knocked out about a dozen core cloud services, and AWS told customers to back up critical data and move workloads to AWS regions that were not affected.
One of the biggest knock-on effects showed up at Anthropic PBC. Its AI chatbot, Claude, started failing for users on Monday, with thousands of reports logged on Downdetector.
Anthropic said it was seeing “elevated errors” across some services, and said it began looking into the problem around an hour ago.
The Claude app was not working for logged-out users, and people on X posted screenshots showing an error page that called it a temporary service disruption.
Anthropic said the issue hit both the Claude chatbot and its coding tool Claude Code, and the company’s status page showed both were affected.
Iran is dealing with a major internet blackout as its conflict with the U.S. and Israel drags on, cutting off access for a population of more than 90 million.
An independent watchdog, NetBlocks, said the country had been stuck in a near-total shutdown for over 48 hours. In a post shared on Monday, NetBlocks said connectivity was sitting at roughly 1% of normal levels.
NetBlocks blamed what it called a “regime-imposed” nationwide shutdown, while the government in Tehran has not publicly addressed the outage.
NetBlocks also warned that “shutdowns are a go-to tactic for the regime,” and said a previous shutdown in January lasted several weeks and masked severe human rights violations.
That earlier January outage happened during widespread protests, and it fits a pattern analysts have pointed to for years: Iran has repeatedly pulled the plug on the internet during civil unrest and periods of conflict.
Now the concern is not only what’s happening inside Iran, but what could spill outward. As Iran responds with strikes and drone attacks against U.S. and allied targets in the Middle East, some analysts are also flagging the chance of cyber attacks from Iranian-aligned groups.
Adam Meyers, head of counter adversary operations at CrowdStrike, said the firm was “already seeing activity consistent with Iranian-aligned threat actors and hacktivist groups” doing reconnaissance and starting denial-of-service attacks.
Adam added, “These behaviors often precede more aggressive operations.”
He also said Iran’s past cyber playbook has tracked its wider strategy, aiming pressure at sectors like energy, critical infrastructure, finance, telecommunications, and healthcare.
Across Europe, moves were mixed rather than one-way.Switzerland’s SMI was higher by 100.57 points, up 0.72% at 14,014.3, while Greece’s HEX added 101.4 points, up 0.78% at 13,118.38.
Spain’s IBEX 35 fell 135.8 points, down 0.73% to 18,360.8, and Germany’s DAX was almost flat, down 4.76 points, or 0.02%, at 25,284.26.In the UK, the FTSE 100 gained 63.85 points, up 0.59% to 10,910.55.
Several benchmarks were unchanged, including the Netherlands’ AEX at 1,027.02, Belgium’s BEL 20 at 5,443.76, France’s CAC 40 at 8,580.75, and Portugal’s PSI20 at 9,276.09.
Sweden’s OMXS30 rose 17.476 points, up 0.55% to 3,222.753, while Italy’s FTSE MIB fell 216.05 points, down 0.46% to 47,209.89. The broader STOXX 600 edged up 0.67 points, up 0.11% to 633.85, and Denmark’s OMXC 25 added 2.44 points, up 0.14% to 1,731.15.
In currencies, the Swiss franc strengthened against the dollar, with USD/CHF at 0.768, down 0.13%.The euro slipped against the dollar too, with EUR/USD at 1.179, down 0.161%, while GBP/USD traded at 1.345, down 0.23%.
Against sterling, EUR/GBP was slightly higher at 0.877, up 0.08%. The euro was also a touch lower versus the franc, with EUR/CHF at 0.905, down 0.297%, and a bit softer against the yen, with EUR/JPY at 184.19, down 0.081%.
In European rates, the UK 10-year yield rose to 4.307, up 0.14%, while the 10-year Bund was listed at 2.644. Italy’s 10-year was at 3.275 and France’s 10-year was at 3.222.
Across Asia, the tone was mostly risk-off.Hong Kong’s Hang Seng dropped 546.64 points, down 2.05% to 26,083.9.Japan’s Nikkei fell 899.51 points, down 1.53% to 57,950.76, and South Korea’s KOSPI lost 63.14 points, down 1% to 6,244.13.
Singapore’s STI fell 92.35 points, down 1.85% to 4,902.72, while Thailand’s SETI dropped 33.45 points, down 2.19% to 1,494.81. The SGX-CNBC China Growth index slipped 26.541 points, down 1.5% to 1,744.332. Mainland China was steadier, with Shanghai down 0.13% at 4,157.346, while Shenzhen fell 0.94% to 14,359.286.
Australia’s ASX 200 eased 33 points, down 0.36% to 9,165.6, New Zealand’s NZX 50 fell 100.89 points, down 0.74% to 13,622.08, Malaysia’s benchmark dropped 16.96 points, down 0.99% to 1,699.65, and Taiwan’s market slid 169.57 points, down 0.48% to 35,244.92. India’s Nifty 50 was unchanged at 25,178.65.
In Asia FX, the U.S. dollar was a bit stronger against several currencies. USD/JPY was 156.2, up 0.11%, USD/CNY was 6.868, up 0.15%, USD/SGD was 1.266, up 0.142%, and USD/INR was 91.3, up 0.279%.
AUD/USD was flat at 0.711, NZD/USD was 0.599, down 0.083%, and USD/HKD was unchanged at 7.823. The euro against the yen was 184.22, down 0.065%.
More explosions were reported across the Gulf states, and at least three people were killed in the United Arab Emirates as Iran carried out attacks in retaliation for weekend strikes by the United States and Israel that killed its supreme leader, Ayatollah Ali Khamenei, and other top officials.
Abu Dhabi’s Ministry of Defence said the three people killed were Pakistani, Nepalese, and Bangladeshi nationals.
In markets, overnight stock futures fell after the weekend attacks, with oil prices surging and adding more instability to an already nervous setup for investors.
Dow Jones Industrial Average futures dropped 571 points (1.2%), S&P 500 futures fell 1%, and Nasdaq 100 futures declined a little more than 1%. Gold futures jumped 2% as investors piled into a traditional safe haven.
President Donald Trump said he will “avenge” the deaths of three U.S. service members and said combat operations in Iran that began Saturday will continue, speaking in a pre-recorded Truth Social post on Sunday afternoon.
Earlier on Sunday, Trump also said U.S. military operations are “ahead of schedule.”
In crypto, Bitcoin (BTC) was at $66,781.8 (-1.06%) with $60.51B volume (-30.93%), $1.33T market cap, $43.60B open interest (+0.80%), funding (-1.82%), and liquidations of $169.53M.
Ether (ETH) traded at $1,973.67 (-2.88%) with $51.66B volume (-21.19%), $237.98B market cap, $24.76B open interest (+1.41%), funding (-2.60%), and liquidations of $82.30M.
Solana (SOL) was $84.87 (-3.62%) with $11.61B volume (-22.81%), $48.15B market cap, $4.91B open interest (+0.80%), funding (-6.01%), and liquidations of $26.90M.
XRP traded at $1.3716 (-3.90%) with $4.34B volume (-36.33%), $83.75B market cap, $2.18B open interest (+0.98%), funding (-6.15%), and liquidations of $5.72M. HYPE rose to $31.843 (+2.71%) with $1.81B volume (-3.81%), $8.21B market cap, $1.33B open interest (-0.25%), funding (+4.71%), and liquidations of $3.42M.
BNB was $625.07 (-0.72%) with $1.13B volume (-17.97%), $85.04B market cap, $948.28M open interest (+0.02%), funding (-0.82%), and liquidations of $590.50K.
What to know
Bitcoin ripped above $70,000 while U.S. stocks recovered from an ugly early drop, and traders still hid in gold as the VIX hit its highest level of 2026 with U.S. and Israel attacks on Iran still driving nerves.
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