Market trends today are characterized by fear among investors, intensified by President Trump announcing tariffs on Canada and Mexico. Stocks across all sectors including tech, healthcare, and financials are experiencing losses. Notably, the tech stock Palantir Technologies faces pressure prior to its earnings report, indicating volatility in its valuation despite positive revenue forecasts. Bitcoin also faced a significant decline, impacting cryptocurrency-related stocks like MicroStrategy, as overall investor sentiment remains shaky leading to widespread sell-offs in the market.
Skittish investors are fleeing tech stocks, including Palantir Technologies leading up to the company's quarterly earnings report. Palantir's sky-high valuation is being tested despite the fact that it is expected to report a strong quarter.
Bitcoin is designed to be a hedge against these forces, it too got caught in the sell-off, sinking to the $95,000 level and taking BTC-loaded stock MicroStrategy down with it for a 4% drop.
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