Monday morning brought a wave of selling pressure to U.S. markets, with stock futures pointing lower as traders returned from the weekend. Dow futures were down around 200 points, setting a cautious tone for the trading session ahead.
The hardest hit? Crypto-related equities, which took a beating after Bitcoin slipped below the $86,000 threshold. When the world's largest cryptocurrency catches a cold, the mining stocks tend to get the flu, and Monday was no exception.
CleanSpark Inc. (CLSK) led the retreat among crypto miners, with shares plunging 7.7% to $13.93 in pre-market action. The company wasn't alone in its misery—fellow miners faced similar headwinds as the crypto sell-off rippled through the sector.
Crypto Miners Feel The Pressure
Cipher Mining Inc. (CIFR) dropped 7.7% to $18.79 in pre-market trading, mirroring CleanSpark's decline. The stock felt the direct impact of Bitcoin's weakness as investors reassessed the profitability outlook for mining operations.
Bitdeer Technologies Group (BTDR) wasn't far behind, declining 7.3% to $12.40 before the opening bell. Like its peers, Bitdeer found itself caught in the downdraft created by Bitcoin's price action.
Bitfarms Ltd. (BITF) also joined the selloff, falling 8.9% to $3.17 in pre-market trading as the crypto-linked stock rout continued.
Other Notable Decliners
Beyond the crypto space, several stocks across different sectors posted significant pre-market losses.
Columbus Circle Capital I Corp. (BRR) took the biggest hit, dipping 19.2% to $8.20 in early trading, though the company didn't disclose specific news driving the decline.
Vaxcyte Inc. (PCVX) shares dropped 11.6% to $43.87 in pre-market action, marking a rough start to the week for the biotech company.
Jiayin Group Inc. (JFIN), an ADR, tumbled 10.8% to $6.36 before the market opened.
CEA Industries Inc. (BNC) gave back some of Friday's gains, declining 9.2% to $6.54 in pre-market trading after surging more than 20% in the previous session.
TryHard Holdings Ltd. (THH) fell 9.1% to $12.53 in early trading, also reversing momentum after gaining 10% on Friday.
Coupang Inc. (CPNG) shares dropped 8.7% to $25.71 in pre-market trading as the South Korean e-commerce giant faced selling pressure.
Pegasystems Inc. (PEGA) declined 8.1% to $50.36 before the opening bell, rounding out the list of notable decliners.
The broad-based weakness across multiple sectors suggested investors were adopting a more risk-averse stance to start the week, with crypto-linked names bearing the brunt of the early selling.