U.S. Stock Markets Experience Fluctuations, Tech Giants Showcase Mixed Performances, and the Cryptocurrency Market Endures Dramatic Turbulence

In an eventful day for the U.S. stock markets on Thursday, significant fluctuations were observed. The Dow, Nasdaq, and S&P 500 all ended the day with losses

Major U.S. stock indexes closed lower on Thursday in a choppy session, as gains by Tesla and Apple were offset by losses in semiconductor stocks and a dismal outlook from Dow Inc.

The Dow Jones Industrial Average fell 218.2 points, or 0.55%, to 39,133.7. The S&P 500 lost 8.03 points, or 0.18%, to 4,694.09, while the Nasdaq Composite dropped 39.3 points, or 0.18%, to 15,036.08.

Tesla Inc rose 3.3%, notching its highest closing price in two years. The electric-car maker’s stock has surged about 67% this year.

Among other technology stocks, Apple Inc hit a record high as strong demand for its new products and services helped the company reach new heights.

TSMC rose 1.4%, Microsoft Corp gained 1.2%, and Amazon.com Inc advanced 1.1%.

The Philadelphia SE Semiconductor index fell 1.3%, tracking a decline in Intel Corp after the chipmaker forecast fourth-quarter revenue below Wall Street estimates.

The semiconductor sector has been battered this year by a global chip shortage that has hit production at major automakers and consumer electronics companies.

The S&P 500 value and growth indexes were nearly flat for the session.

Bitcoin dropped sharply on Thursday evening before quickly recovering a large portion of its losses in a dramatic about-face that left over 210,000 investors facing liquidations.

The world’s largest cryptocurrency fell as low as $90,163 before rebounding to trade around $97,133, as per data from Bybit.

Bitcoin’s wild moves came after hitting a record high of about $100,000 earlier this week on speculation that Paul Atkins, an advocate for reduced crypto regulation, is being considered to lead the SEC.

Such a development is likely to pique the interest of investors who have been clamoring for lesser regulatory constraints on the crypto industry.

Bitcoin’s sharp drop late on Thursday led to an estimated 210,303 traders being liquidated, amounting to nearly $1.1 billion in losses over 24 hours, according to data from Coinderivative.

This marks a significant increase from the previous day, when about 132,000 traders faced total liquidations of nearly $635 million.

Among other major coins, ether rose 0.7% to $4,222, while dogecoin gained 1.2% to $0.22. XRP dropped 0.3% to $1.12.

Focus now shifts to key economic indicators, with the upcoming non-farm employment data being closely watched.

Economists are expecting an increase of 214,000 jobs in November, which would help sustain the current unemployment rate.

In Europe, France is navigating a political upheaval, as its Prime Minister is set to resign after losing a vote of confidence in his government.

Amidst this financial landscape, Tesla’s stock was particularly notable, cementing its position as a top performer during the tech stock rally.