On Thursday, the market went Bearish as opposed to the trends on the previous day. The EV stocks and the Crypto market witnessed a red day because of the sell-off.
The US futures plunged, excluding Dow Jones- the only gainer for the day. Nasdaq, which seemed to have recovered in the last two days and had previously closed at $15,786.99, kept sinking on Thursday. At the time of writing, NASDAQ is trading at $15,567.74, down 219.25 points (-1.39%). While S&P 500 trades at $4,676.45, down 24.76 points (-0.53%), Russel 2000 is at $2,225.55 down 46.16 points (2.03%).
The only future gained today; DOW Jones is trading at $35,805.39, up 50.64 points (0.14%).
The EV stocks that tend to do better also fell prey to the possible “Holiday-season sell-off,” The EV stocks leader Tesla Inc. was also hit.
At the time of writing the article, Tesla traded at $1,010.40, down 58.56 points (5.48%), while Nio traded at $34.03, down 1.02 points (2.91%). Tesla’s new rival, Lucid, which fell considerably yesterday after announcing plans to sell $1.75 billion worth of shares, took a further hit and plunged by 18%. At the time of writing, Lucid Motors (LCID) was trading at $36.67, down 8.05 points (17.99%).
The Crypto market has been the storm’s eye since the last month. The nascent crypto market’s volatility has been further increased by the unpredictable nature of the new Covid variant- Omicron. But, the market seemed to be recovering after the news of the Omicron variant being milder than Delta and the positive effect of the vaccines on the variant.
However, on Thursday, cryptocurrencies too plunged, taking the price of Bitcoin to $47,413.25, down 6.48% in the last 24 hours. Other cryptocurrencies also went significantly down. At the time of writing, Ethereum (ETH) was priced at $4,088.82, down 7.32% in the last 24 hours. Similar trends were observed for the mem tokens and dog-faced tokens as well.
A particular reason for this great plunge could be the arrival of the Holiday season. Most of the investors try to cash out their stocks during the season, which was also evident in the market trends on Thursday.