Everything Going Lower as NASDAQ Sees No End to Selling Pressure; Oil Bitcoin, Gold, Silver, Treasury Yields All Falling

It's been a rough week all around, but especially for the tech-heavy NASDAQ and the proxy crypto-currency, bitcoin, both of which are down sharply over the last four days, with bitcoin getting hit hardest, dropping as low as $58,187, a number last seen nearly two years ago, early September, 2024.

As for the NASDAQ, another sizable drop today would send it below the June 10 low of 25,169.50, itself the lowest since early May. The setup for stocks through the month of June has been fairly straight forward. Only the Dow shows a gain with just three trading days remaining in the month and second quarter. The Dow holding its own with the NASDAQ melting away may trigger memories of the 2000 collapse, wherein the NASDAQ was beaten down mercilessly while the Dow held up much better in what was then known as "old economy (Dow) versus new economy (NASDAQ). History may be repeating, or, at least rhyming a bit at what appears to have been a significant top for both the NASDAQ and S&P, June 1 and 2.

Friday morning bodes more ills for the NASDAQ and the AI meme in general as it's been reported that Sam Altman's OpenAI plans on delaying its IPO until sometime in 2027. That reportage didn't seem to have much of an effect on futures, which were already down near Friday morning lows. With an hour before the open, NASDAQ futures are down more than 350 points, S&P futures are down around 28, with the Dow futures holding up better, down just 28 points. As time flew by toward the opening bell, futures eroded quickly, all three of the majors hunting lows in the futures market.

For the week, the Dow is up 355 points, the NASDAQ down 1,159 (4.43%), and the S&P is off 143 as of Thursday's closing bell. The trend continues to be dour, after Thursday's hopeful report from Micron Technologies (MU) was dashed early in open trading. While Micron posted a solid gain of some 16%, the NASDAQ, after a positive start, fell into the red within the first half hour of trading and never fully recovered. There's an overwhelming amount of negative sentiment driving what looks like a first piercing of the AI bubble.

Not to be left out, gold and silver have extended the losing streaks which began the end of January. Following two solid years of gains in 2024 and 2025, corrections in both metals were anticipated, but the degree by which they've fallen has gone far past correction into outright bear market conditions.

The questions, if gold and silver are being revalued lower, is how can stocks hold up at all, and why are yields falling if the Fed is poised to raise rates?

Is this the beginning of another tech bust, leading to an overall revaluation of everything to the downside? The other nagging question heading into next week is how much longer the new Warsh-led Federal Reserve will be considered to be hawkish and on the verge of raising rates when most indicators are showing that the recent spike in inflation was caused, directly and indirectly, by the hostilities in the Middle East?

There are more than a few cross-currents, with the downside looking to most appetizing to traders with a pessimistic attitude. All bubbles burst.

This one may have already seen the blow-off top in early June and the declines after that are beginning to pile up quickly.

At the Close, Thursday, June 25, 2026:
Dow: 51,920.62, +71.72 (+0.14%)
NASDAQ: 25,358.60, -118.03 (-0.46%)
S&P 500: 7,357.49, -0.73 (-0.01%)
NYSE Composite: 23,610.73, +117.17 (+0.50%)