The bifurcation in stock markets continued in the last week when investors dumped cryptocurrencies. Notably, Bitcoin (BTC-USD) struggled to hold support at the $60,000 level.
BTC fell to around $58,000 before getting back to support levels. Strategy (MSTR) is leading its panicked selling. The software-turned-BTC holder has heavy dividend payment commitments for its preferred shares. The more Bitcoin falls, the deeper its mark-to-market losses get.
In the retail sector, TJX Companies (TJX) fell unexpectedly by 6.04% to close at $155.19. Core inflation of 3.4% in May spooked investors. This is a level not seen since October 2023. The Federal Reserve weighs much of its decision on interest rates on this figure.
Costco (COST) is well off its ~ $1,100 peak, closing at $942.24. Walmart (WMT) indicated a bearish double top at $135 in late May. It closed at $115.78.
In the chip sector, investors jumped back on Western Digital (WDC), Seagate (STX), and Sandisk (SNDK). SNDK stock traded at around $40 in 2025 but closed at $2,335. Firms like Citi and Morgan Stanley issued bullish reports this week.
Sandisk has a forward non-GAAP gross margin projection of between 79% and 81%. The firm benefits from the ongoing shortage of chips.
