S&P 500 Set for Longest Losing Streak Since August as Bitcoin Falls Below $90K
The S&P 500 is on track for a fourth consecutive decline, marking its longest losing streak since late August. Futures for the S&P 500 and Nasdaq-100 index were down about 0.4% in early New York trading. US stocks are currently viewed as overvalued, with the S&P 500 trading around 22 times forward earnings, substantially above the decade-long average of 19 times, amid concerns about Federal Reserve policy and valuation risks tied to artificial intelligence.
Investors are awaiting Nvidia's upcoming quarterly results and key labor market data, while traders have reduced expectations for a Federal Reserve rate cut in December, reflecting continued uncertainty about the macroeconomic environment. Meanwhile, Bitcoin fell below $90,000 for the first time in seven months, erasing much of its 2025 rally and contributing to a risk-off sentiment across financial markets.
US Bitcoin ETF inflows have turned negative, with outflows on November 17 totaling approximately $254 million, primarily led by BlackRock’s IBIT and the Grayscale Bitcoin Trust (GBTC). The cost basis for these ETF investors is around $89,600. Bitcoin's market dominance also slipped below 60% as Ether traded under $3,000 and major altcoins recorded losses, signaling broad market stress across both cryptocurrency assets and equities.
The S&P 500 remained about 3% below its October high and closed below its 50-day moving average for the first time since April, a momentum indicator that many traders monitor closely.
