STOCKS | S&P 500 and Nasdaq 100 rise Friday after weekly losses

Bitcoin recovered to nearly $82,000 during Friday's Asian trading after dipping below $81,000 overnight, according to CoinDesk, as gold, Asian equities and Nasdaq futures rebounded and the yen surrendered early gains. The bounce came in a week of losses for major stock indices, with Decrypt reporting the Nasdaq down 1.5% and the S&P 500 off 0.8% by mid-morning in New York on Thursday as Brent crude jumped 2.6% to $111.66 a barrel, its highest in five months. CoinDesk put WTI futures near $100. Crypto futures liquidations totalled about $435 million over 24 hours, including $385 million in longs, while U.S. spot bitcoin ETFs recorded $381 million in outflows on Thursday, per SoSoValue data cited by CoinDesk.

Background

Both sources describe a risk-off backdrop driven by an oil shock and AI-related jitters. CoinDesk reports that the yen climbed to 156.07 per U.S. dollar, its highest since Sept. 18, after hotter-than-expected Japanese inflation reinforced expectations of further Bank of Japan rate hikes, and notes yen moves ripple through markets because the currency funds risk-on carry trades. Decrypt frames the selloff around AI-linked stocks, reporting Nvidia fell 2.3%, Meta dropped 5.8% after missing profit forecasts, Lam Research slid 7.7% and CoreWeave fell 3.8% on debt worries, while Citadel's Ken Griffin said investors are "almost certainly" in an AI bubble. Decrypt also cites the 10-year Treasury yield at 5.03%, up from 3.97% before the Iran war, gasoline up 9.1% in September alone, and a Federal Reserve decision due Oct. 28 with markets pricing roughly a 15% chance of another hike. CoinDesk notes President Donald Trump invoked a Cold War-era law to boost fuel production, which has yet to materially cool oil prices. The two reports differ on oil benchmarks and levels, and Decrypt's reference to an Oct. 15 Kospi plunge sits uneasily with its 2026-08-21 date.

What happened

CoinDesk reports that bitcoin recovered to nearly $82,000 in Friday's Asian hours after hitting lows below $81,000 overnight, and was testing its 50-day simple moving average. Ether, XRP, solana and dogecoin saw similar moves. Gold bounced to $4,020 per ounce from an early low of $3,986, a level last seen on July 29. Japan's Nikkei and South Korea's Kospi rebounded from session lows, and Nasdaq futures rose 0.17% to 29,190 from 29,022 earlier. The early risk-off tone had strengthened as the yen reached 156.07 per dollar, then faded as the currency fell back toward 157. Crypto futures worth $435 million were liquidated in 24 hours, $385 million of them longs. U.S. spot bitcoin ETFs lost $381 million Thursday, per preliminary SoSoValue data. Decrypt, reporting on Thursday's session, says Brent crude rose 2.6% to $111.66, its highest in five months, as the Nasdaq fell 1.5% and the S&P 500 lost 0.8% by mid-morning in New York. The Kospi fell 3.52% to 5,533.77, the Nikkei 225 dropped 2.65% and the Hang Seng lost 3.03%, while China's CSI 300 entered a bear market. Decrypt ties the selloff to AI-linked names and notes the Kospi's 7.57% single-session plunge on Oct. 15, dubbed "Black Thursday," which triggered a circuit breaker.

Market impact

The figures point to stress across asset classes. Decrypt reports Brent at $111.66 a barrel, up 2.6% and a five-month high, the Nasdaq down 1.5% and the S&P 500 down 0.8% by mid-morning New York, the Kospi down 3.52% to 5,533.77, the Nikkei 225 down 2.65%, the Hang Seng down 3.03%, and China's CSI 300 in a bear market. It cites the 10-year Treasury yield at 5.03% versus 3.97% before the Iran war, gasoline up 9.1% in September, Nvidia down 2.3%, Meta down 5.8%, Lam Research down 7.7% and CoreWeave down 3.8%. CoinDesk reports WTI near $100, bitcoin near $82,000 after sub-$81,000 lows, gold at $4,020 after a $3,986 low, the yen at 156.07 before retreating toward 157, Nasdaq futures at 29,190, $435 million in crypto liquidations including $385 million in longs, and $381 million of Thursday outflows from U.S. spot bitcoin ETFs. The sources use different oil benchmarks and levels, so the two should not be read as a single price series.

Why it matters

CoinDesk frames oil as the swing factor: a sustained rise could fuel global inflation and weigh on risk assets, and it notes the administration's invocation of a Cold War-era production law has yet to materially cool prices. It also flags weak spot bitcoin ETF demand as a constraint on any steep rally, with $381 million leaving the funds on Thursday. Decrypt connects the oil shock to consumer costs, noting gasoline rose 9.1% in September, and to monetary policy, with the Fed's next decision due Oct. 28, markets pricing roughly a 15% chance of another hike and a December increase still widely expected. Higher rates make investments more expensive, it notes. Decrypt also documents the AI-bubble debate via Ken Griffin's comment that investors are "almost certainly" in an AI bubble, and the concentration risk that Nvidia's moves reach index funds inside retirement accounts. Leverage is another vulnerability: CoinDesk's $385 million of long liquidations shows positioning skewed bullish into the dip.