Global Stocks Slide as Bitcoin Hits Trigger Point: Markets Wrap

(Bloomberg) — Stocks sold off and Bitcoin hit a seven-month low as investors pulled back from riskier corners of the market in the run-up to Nvidia Corp.’s earnings and a pivotal US jobs report.

Global stocks dropped to a one-month low, while a gauge of Asian shares fell 2.3% and slipped below its 50-day moving average for the first time since April. Futures indicated more losses for the S&P 500 and the Nasdaq 100 indexes after the US benchmarks both retreated Monday. European stocks are also primed for a weak open.

As investors pared risk, bonds rose, with the yield on the benchmark Treasury 10-year falling four basis points to 4.10%. Sparking the weak sentiment was Bitcoin sliding more than 2% to trade below $90,000.

“Equity indices have been moving nervously to the downside, and Bitcoin — often seen as a high-beta risk proxy — has mirrored these moves almost tick-for-tick,” said Thomas Bureau, global co-head of FX option trading at Societe Generale SA. “This correlation is adding another layer of stress to sentiment, as crypto weakness reinforces the perception of tightening liquidity and risk aversion.”

The MSCI Asia Pacific Index saw almost five shares decline for every one that rose. Technology stocks were hit the hardest with SK Hynix Inc. and Samsung Electronics Co. among the region’s losers. Japanese equities and bonds slid as concerns about rising bond yields and a diplomatic spat between Tokyo and Beijing weighed on sentiment.

Yields on Japanese 40-year bonds jumped eight basis points to 3.68%, their highest level since the securities debuted in 2007, while 20-and 30-year debt each rose at least 4 basis points. The 30-year yield is just a few basis points away from a record high.

The cross-asset moves highlighted lingering uncertainty over interest rates and tech earnings, with Nvidia’s Wednesday report set to test investor nerves over lofty valuations surrounding the artificial intelligence sector. Attention will then shift to the delayed September jobs report due Thursday, which will provide investors with clues on the Federal Reserve’s policy outlook.

In other corners of the market, a gauge of the dollar held its gains from the prior session. Gold posted a fourth day of losses to trade just above $4,000 an ounce, underpinned by fading expectations of a Fed interest-rate cut next month. Lower rates typically make non-yielding bullion more appealing to investors.

Bitcoin’s drop deepened a month-long slide that has erased the cryptocurrency’s gains for 2025 and rocked sentiment across the digital-asset world.

The reversal comes amid rising economic headwinds, including renewed concerns over interest-rate policy and stretched valuations across speculative markets.

“Volatility in the cryptocurrency space is spilling over to other risky assets, with the ongoing market calibration of the Fed’s December rate cut probability also contributing modestly to the jitters,” said Homin Lee, a senior macro strategist at Lombard Odier. “The nervousness will persist until the September employment report provides greater clarity. A soft labor market data or a large beat in Nvidia earnings could help.”

Alarm bells are ringing for analysts who study chart patterns in the US stock market, fueling concern that the latest dip could swell into a full-blown correction of at least 10%.

A sharp selloff in the S&P 500 on Monday extended the decline from its last record on Oct. 28 to 3.2%. The benchmark index closed below its 50-day moving average for the first time in 139 sessions, breaking the second-longest stretch of this century above the closely watched trend line.

The Nasdaq Composite Index is also flashing some “ugly” signals, according to John Roque, head of technical analysis at 22V Research. More of the index’s 3,300-some members trade at 52-week lows than highs, he said, a sign of internal market weakness that makes a further rally unlikely.

“It has been a great year in general for investors, however nerves are clearly increasing into the year end,” said Nick Twidale, chief market analyst at AT Global Markets in Sydney. “We may see further volatility in the next few weeks as we hit the Christmas trading period.”

Corporate News:

Akzo Nobel NV has agreed to acquire smaller rival paintmaker Axalta Coating Systems Ltd. in a cross-border deal creating a coatings company with an enterprise value of about $25 billion. Shares of Baby Shark creator Pinkfong Co., jumped as much as 62% on its trading debut as investors snapped up the studio behind YouTube’s most-viewed jingle, following strong demand for the small initial public offering. Amazon.com Inc. raised $15 billion in its first US dollar bond offering in three years, adding to a spree of jumbo debt sales by technology firms. Gina Rinehart, Australia’s richest person, has become the biggest shareholder in US rare-earths producer MP Materials Corp., boosting her global bet on strategic minerals. Apple Inc.’s iPhone 17 series drove a 37% rise in its monthly smartphone sales in China, signaling strong momentum in a key market. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.7% as of 6:52 a.m. London time Nasdaq 100 futures fell 0.9% The MSCI Asia Pacific Index fell 2.3% S&P/ASX 200 futures fell 0.1% Hong Kong’s Hang Seng fell 2% The Shanghai Composite fell 0.8% Euro Stoxx 50 futures fell 1.3% Currencies

The Bloomberg Dollar Spot Index was unchanged The euro was little changed at $1.1597 The Japanese yen rose 0.1% to 155.05 per dollar The offshore yuan was little changed at 7.1136 per dollar The British pound was little changed at $1.3155 Cryptocurrencies

Bitcoin fell 2.7% to $89,312.14 Ether fell 1% to $2,975.85 Bonds

The yield on 10-year Treasuries declined four basis points to 4.10% Japan’s 10-year yield advanced two basis points to 1.745% Australia’s 10-year yield declined four basis points to 4.44% Commodities

Spot gold fell 0.8% to $4,012.29 an ounce West Texas Intermediate crude fell 0.9% to $59.40 a barrel This story was produced with the assistance of Bloomberg Automation.

–With assistance from David Finnerty and Ruth Carson.

©2025 Bloomberg L.P.