Welcome to Markets Desk, your midday read on what's moving money and markets.
Bitcoin ETFs are bleeding. Investors pulled a net one point two one billion dollars from BlackRock's IBIT alone last week, part of a broader one point three billion dollar weekly outflow from Bitcoin ETFs — the steepest exodus since late June. The catalyst was a combination of Bitcoin sliding below seventy-six thousand dollars and a broad selloff in US technology stocks, rattling confidence in crypto's correlation trade with risk assets.
Staying with the risk-off tone, SpaceX shares have retreated to their lowest level since August, pressured by the midterm election results. The concern on the Street is straightforward — Democrats now controlling key levers at the state and federal level could slow the AI infrastructure buildout that underpins SpaceX's longer-term growth thesis. Whether this is a buying opportunity or a structural re-rating is the debate traders are having right now.
On the clinical side, Johnson and Johnson reported encouraging first-in-human Phase one data for its combination therapy of pasritamig and JNJ-nine-four-zero-one in advanced prostate cancer. Early-stage data carries real limitations, but positive first-in-human signals matter for pipeline valuation, and JNJ's oncology ambitions remain a key part of how the market prices the stock.
That's the tape. Markets Desk, signing off the floor.
