Wall Street suffered another major decline on Monday, as investors continued to worry about inflation and the prospect that the Federal Reserve would accelerate its program to increase interest rates. The slide sent the Dow lower by nearly 900 points, while the Nasdaq plunged 4.7%.
While stocks were hard-hit during the session, they fared better than cryptocurrency. That market was crushed amid a general flight from speculative assets, dragging down related equities like MicroStrategy (MSTR), Coinbase (COIN), Marathon Digital (MARA), Riot Blockchain (RIOT) and Bakkt (BKKT).
Meanwhile, Boeing (NYSE: BA) was among the big-name stocks dragged down in Monday’s general market decline. Shares of the airplane maker declined 9% to reach a new 52-week low.
The list of standout decliners also included Astra Space (ASTR), which lost nearly a quarter of its value on a failed mission over the weekend.
Bucking over the overall downtrend on the session, Day One Biopharma (DAWN) more than doubled following the release of clinical trial results for a potential cancer treatment for kids.
Sector In Focus
Monday’s overall decline in financial markets had a particularly significant impact on the cryptocurrency sector. A sharp slide in the asset class took the market cap of the total crypto sphere to below $ 1T, the first time it has fallen below that level since January 2021.
Among the biggest names in the sector, Bitcoin (BTC-USD) fell 15% to a mark just above $ 23K. Ethereum (ETH-USD) retreated almost 16% to reach about $ 1,245.
With the sales of crypto assets, companies tied to the market showed substantial declines. MicroStrategy (MSTR), a software company that holds more than 129K Bitcoins, plummeted 25% during the session.
Coinbase (COIN) was another high-profile decliner in the sector, dropping by 11%. Marathon Digital (MARA) posted a slide of nearly 12%, Riot Blockchain (RIOT) retreated 10% and Bakkt (BKKT) fell 8%.
The release of clinical trial data sparked a wave of buying in Day One Biopharma (DAWN), with the stock soaring 126% on the session.
The biotech disclosed early data from a Phase 2 trial for its tovorafenib product as a treatment for a type of brain cancer in children. The study showed a 64% overall response rate and a 91% clinical benefit rate.
DAWN surged by $ 8.34 to close at $ 14.96. The rally cut losses posted earlier in the year, taking the stock to its highest close since early February.
Shares are coming off a 52-week low of $ 5.44 reached in late May. Even with Monday’s advance, DAWN remains 27% lower for 2022 as a whole.
Astra Space (ASTR) endured significant selling pressure after a failed mission over the weekend. Shares dropped nearly 24% on the news.
The rocket launch company revealed that it was not able to deliver payloads to orbit during a mission that took place on Sunday. The project was meant to deliver items for NASA.
ASTR finished Monday’s trading at $ 1.54, a decline of 48 cents on the day. Shares also reached an intraday 52-week low of $ 1.46.
Shares are coming off a 52-week high of $ 16.95 reached last summer. ASTR has lost about 86% of its value in the past 12 months.
Notable New Low
The slide also had a substantial impact on Boeing (BA), adding to the downward pressure that has marked trading for most of the past year. The stock reached a new 52-week low.
BA dropped $ 11.14 to close at $ 115.86. With the slide, the Dow component contributed more than 70 points to the nearly 900-point drop the Dow Jones saw during the session.
With the retreat, BA fell to an intraday 52-week low of $ 114.14. Shares of the company, which has struggled along with the airline industry in recent years and has faced regulatory roadblocks in China, have declined 44% in 2022 so far.
For more on the day’s best- and worst-performing stocks, head over to Seeking Alpha’s On The Move section.