Market Update: Bitcoin, Steel & Auto Stocks in the Spotlight

NexxtGen Markets
3 days ago
3 min read

Good morning, here's the latest Global Financial Markets update from Steve Halls at NexxtGen Markets here in the City of London.

Markets kicked off the week with mixed movements, as trade tensions and tariff hikes stirred uncertainty. The Dow dipped -0.1%, while the S&P 500 edged up +0.2%, and the Nasdaq gained +0.5%, driven by tech sector resilience.

Meanwhile, steel stocks surged after Trump doubled tariffs, boosting U.S. steelmakers' outlook. On the crypto front, MicroStrategy expanded its Bitcoin holdings, adding 705 BTC for $75.1M, following Michael Saylor’s cryptic “orange” tweet.

Market Movers

Several stocks made big moves last week:

Lyra Therapeutics (LYRA) – +309% surge to $20.07, fueled by promising biotech developments.
Cleveland-Cliffs (CLF.US) – +23% rise to $7.18, benefiting from steel tariff hikes.
THG Plc (THG.L) – +10% climb to £26.58, as investor sentiment improved.
Raspberry Pi (RPI.L) – -8% drop to £478, following weaker-than-expected earnings.

Trade Tensions & Market Reactions

Wall Street wavered as U.S.-China trade concerns resurfaced. The Dow slipped, while the Nasdaq gained, reflecting investor caution ahead of key economic reports.

Trump’s steel and aluminium tariff hike to 50% sparked backlash from China, but U.S. steel stocks rallied, with Cleveland-Cliffs, Steel Dynamics, and Nucor posting double-digit gains.

Meanwhile, auto stocks took a hit, as rising steel costs threatened profit margins. GM fell -4.3%, Ford dropped -4%, and Stellantis slipped further, fuelling concerns over higher vehicle prices.

Bitcoin & MicroStrategy’s Latest Move

MicroStrategy continued its Bitcoin buying spree, adding 705 BTC for $75.1M, bringing its total holdings to over 580,000 tokens. Despite Bitcoin slipping -0.5%, MicroStrategy’s stock rose 1%, signalling investor confidence in its strategy.

Michael Saylor hinted at the purchase with a cryptic tweet: “Orange is my favorite color.”

Disney’s Restructuring & Oil Market Moves

Disney announced another round of layoffs, cutting hundreds of jobs globally, mainly in Entertainment, Marketing, and Corporate Finance. This follows March’s workforce reduction, as the company streamlines operations in a shifting media landscape.

Meanwhile, oil prices climbed, driven by Ukraine-Russia tensions and supply disruption fears. Despite OPEC+ increasing output, markets focused on potential sanctions and infrastructure risks, pushing Brent up +3.6% and WTI up +2.9%.

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*All prices / quotes correct at the time of writing.