Wall Street's slide likely driven by signals in crypto - Fundstrat's Lee, IBKR's Sosnick
Wall Street's sentiment reversed on Thursday, with Nasdaq and S&P 500 experiencing significant declines. Despite Nvidia's strong results and a positive jobs report, crypto developments, particularly Bitcoin's fluctuations, were seen as triggers. Bitcoin's drop and crypto market liquidations impacted algorithmic trading, leading to stock market volatility. Experts suggest crypto's weakened liquidity is influencing equities, with Nasdaq and S&P 500 facing their worst week since April.