Markets Slide as Crypto, Tech and Select Stocks Diverge

US equities started the week under pressure, with the Dow Jones Industrial Average (DJIA) opening 0.77% lower, a loss of 382 points. Early trading weakness was led by American Express, down 4.99%, Nike, off 4.01%, and JPMorgan, which fell 2.38%, according to Trading Economics.

Not all Dow components traded lower. Verizon gained 2.01%, Nvidia rose 1.73%, and McDonald’s advanced 1.54%, partially offsetting broader index losses. The move underscored the divergence between financials and some communications and technology names in Monday’s session.

Digital assets continued to retreat, with bitcoin falling as much as 4.8% to nearly $64,300, its lowest level since 6 February, before stabilizing above $66,300 in early New York hours. Ether dropped as much as 5.2% and was recently around $1,915, CoinGecko data cited by GuruFocus showed.

The weakness followed renewed uncertainty over US trade policy after the Supreme Court struck down a prior tariff mechanism and former President Donald Trump signaled plans to raise a newly announced global tariff from 10% to 15%. Analysts quoted in the report said macro risks, including geopolitical tensions and tariff shifts, were contributing to a fragile backdrop, with traders closely watching the $60,000 level as key downside protection in bitcoin options.

Flows into spot bitcoin exchange‑traded funds remained under pressure, with 12 US‑listed products recording five consecutive weeks of net outflows totaling $3.8 billion, the longest such stretch since February of the prior year. Since peaking above $126,000 in October, more than $2 trillion has been wiped from the broader crypto market, with smaller tokens particularly affected, according to CoinGecko figures cited in the article.

Against the weaker price backdrop, some crypto‑exposed companies continued to build positions or infrastructure. BitMine Immersion Technologies reported purchasing 51,162 ether last week, worth about $98 million at current prices, lifting its total ether holdings to more than 4.42 million tokens, or 3.66% of the total supply. The company also holds 193 bitcoin, $691 million in cash and equity stakes, including a $200 million investment in Beast Industries and a smaller holding in Eightco Holdings.

BitMine said over 3 million of its ether tokens are staked, generating annualized revenue of $171 million. However, with ether down another 3% over 24 hours to $1,918, the firm’s cumulative losses on $16.4 billion of purchases now exceed $8 billion, according to DropsTab. BitMine shares were 2% lower in pre‑market trading and down about 60% over six months. Chairman Thomas Lee described the current environment as a “mini crypto winter,” adding that the company remains focused on methodically executing its treasury strategy and optimizing yield on its ether holdings.

Separately, iPower Inc. announced a non‑binding memorandum of understanding with Nanopulse Technology to expand into crypto infrastructure hardware distribution. The company plans to leverage its US‑based supply chain and e‑commerce capabilities to commercialize specialized hardware, with discussions including near‑term revenue from sales and potential commission‑based participation in future income generated by hardware deployed through iPower. Any validator or node‑operator role would be subject to separate agreements, and iPower emphasized it will not engage in digital asset trading or custody activities.

Verizon’s shares reached $50.25, their highest level since July 2022. Over the past four weeks, the stock has gained 27.65% and is up 17.14% over the last 12 months, according to Trading Economics. The move came as Verizon also appeared among early Dow gainers on Monday’s session.

In the travel sector, Royal Caribbean Cruises shares have risen nearly 10% year‑to‑date and remain up more than 1,203% since their March 2020 pandemic low, MarketBeat reported. The company has grown earnings per share at double‑digit rates annually under its “Perfecta” strategic plan and reported record 2025 net income of nearly $4.3 billion on $17.9 billion of revenue, driven by strong demand and onboard spending. Although the stock is about 15% below its August 2025 all‑time high, 19 of 23 analysts covering it rate the name a Buy.

Industrial distributor DXP Enterprises was also in focus ahead of its scheduled 25 February earnings release. The stock recently traded at $149.13, near its 52‑week high of $154.19, with a market capitalization of $2.34 billion and trailing price‑to‑earnings ratio of 28.24. Analysts expect fourth‑quarter earnings of $0.91 per share on $499 million of revenue, MarketBeat data show.

Equity research updates highlighted changing expectations in several sectors. Jefferies Financial Group cut its price target on Builders FirstSource to $110 from $112 and maintained a Hold rating. Other firms, including Deutsche Bank (DBKd), Loop Capital, DA Davidson and Barclays (BARC.L), also lowered targets in prior months, leaving the stock with an average Hold rating and consensus target of $127.39. Builders FirstSource recently traded at $108.97, approximately 28 times earnings, after reporting quarterly EPS of $1.12, below consensus, and a 12.1% year‑on‑year decline in revenue.

In consumer staples, Bank of America (BAC) downgraded General Mills to Neutral from Buy and set a $48 price target, about 7.5% above the prior close, MarketBeat reported. The move followed the company’s earlier cut to its fiscal 2026 guidance, which now calls for a 1.5% to 2% decline in organic net sales and steeper drops in adjusted operating profit and EPS amid weak consumer sentiment and volume pressure.

Elsewhere, several banks adjusted targets in financials and real estate. Argus Research reduced its price objective on Prudential Financial to $117 from $125 but kept a Buy rating, while Evercore ISI trimmed its target on Invitation Homes to $29 from $31, maintaining an Outperform rating. Jefferies raised its Kenvue target to $19 from $18 with a Hold rating, and Argus cut Booking Holdings’ target to $4,700 from $6,400, reiterating Buy.

Several major technology and media names continued to face selling pressure. Microsoft’s (MSFT) share price fell to $392.14, its lowest level since April 2025, leaving the stock down 10.56% over four weeks and 2.69% over 12 months. Adobe Systems (ADBE) slid to $251.01, a near seven‑year low and the weakest level since March 2019, following a 14.62% decline in the past four weeks and a 43.46% drop over the last year.

Netflix (NFLX) shares touched $75.20, their lowest since November 2024. The stock has fallen 11.7% over the past four weeks and is down 24.87% over the past 12 months, Trading Economics data showed.