Tesla Drops 4% on Coinbase Listing Day... Financial Stocks Rally

Financial Stocks Rise While Tech Stocks Fall
Bitcoin-Themed Stocks Weaken

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed amid strong earnings from financial firms, but Bitcoin-related stocks showed weakness. The Nasdaq listing of the Bitcoin exchange Coinbase was successful.

[Image source=Reuters Yonhap News]

On the 14th (local time), the Dow Jones Industrial Average rose 53.62 points (0.16%) to close at 33,730.89, the S&P 500 index fell 16.93 points (0.41%) to 4,124.66, and the Nasdaq index dropped 138.26 points (0.99%) to 13,857.84.

Earnings from banks such as JPMorgan and Goldman Sachs lifted the Dow Jones, but weakness in tech stocks pulled down the S&P 500 and Nasdaq indices.

Among tech stocks, Netflix and Facebook fell more than 2%, while Apple and Microsoft showed declines in the 1% range.

Coinbase, the largest cryptocurrency exchange in the U.S., which was listed on the Nasdaq that day, started trading at $381, much higher than the reference price of $250 per share, and rose to an intraday high of $429.54. The closing price was $328.28, lower than the opening price.

Tesla, which surged the previous day on Bitcoin gains and Coinbase expectations, fell 3.95%. Square and MicroStrategy, which also hold Bitcoin, recorded significant drops of 5% and 13%, respectively.

Meanwhile, West Texas Intermediate (WTI) crude oil prices closed at $63.15 per barrel, up $2.97 (4.9%).

This content was produced with the assistance of AI translation services.