Stocks close lower after tough week on Wall Street, bitcoin price falls below $39,000

Yahoo Finance's Jared Blikre examines the market losses found in the Nasdaq at the trading close for the week, taking a look at the banking and crypto space sectors.

Video transcript

- Let's bring back in Jared Blikre with one last thought on the market action this week. And Jared, take it away.

JARED BLIKRE: All right. Well, let's take a look at the week that was, and thank goodness, it was. We can see the NASDAQ off 2.7%. Worst month, going for the worst month since November, 2008. Worst week since March of 2020. And let's take a four-day look here. You can see the NASDAQ losing 7 and 1/2% of its value. That is a steep loss for one week. The Dow off a bit less than that, 4 and 1/2%. Then the S&P 500 in about the middle.

Now I want to get to some of our heat maps here. And by the way, got some crypto news we're going to get to in a second. But here's the NASDAQ 100. Now you take a four-day look, those are some pretty steep losses for the mega cap, and it really emphasizes why we've seen this downside price action. We got Apple down 6%, Alphabet is also down about 6 and 1/2%. Facebook down over 8%. Tesla down 10%. Amazon 12%. Nvidia down 13%.

I'm not going to go on, but the numbers just keep going up in certain sectors. Then you take a look at the actual sector action, this is again over four days. Utilities is the least bad, along with staples and real estate. But that is a very defensive set-up. Consumer discretionary, which houses Amazon, that is down 8%. Huge loss there followed by 6.9% loss in tech, and then financials down 6 and 1/2%. Communication services where you have Facebook and Alphabet, that's down over 5%. So really a pretty bad week for a lot of these stocks.

And you look at the banking sector, arguably we can extend this five days to go back to JP Morgan's earnings last Friday. JP Morgan down almost 14%, Goldman Sachs down 12% over this trailing time frame. Now I want to get to Bitcoin. Bitcoin, we've been talking about the price action, finally dropped below $40,000. Not a tremendous a lot of support. We do have a minor one at about $35,000, let's see if I can find that level somewhere in here. But also, the $28,000 to $30,000 level. That's going to be a big one to watch. So basically here and here, you're going to white knuckle it over the weekend.

And we just got some breaking news regarding MicroStrategy. This is a company that has-- that keeps a huge number of Bitcoins on their balance sheet. And the SEC was taking a look at their 10-k, and they don't like the way that MicroStrategy has been accounting for the price of Bitcoin. And because there are really no accounting rules that govern digital assets like that, it's just a big mess. And it kind of highlights the need to get additional regulation here because this company wants to reflect the price of Bitcoin.

The current price in their non-gaap financial statements, SEC says, according to the strict letter of the law, you can't do that. So just another hiccup for Bitcoin and people, I guess, companies who want to hold it on their balance sheet. Does it mean anything in the big picture? No, but it does indicate that the SEC is going through these financial statements, guys, and they might have a few comments for you.

- Jared Blikre, thank you so much. And we hope you have a restful weekend after this very volatile week.