U.S. stocks slipped from record levels to start the week on Monday as weakness in the technology sector weighed on the broader market.
The Dow Jones Industrial Average fell 123.04 points, or 0.4%, 34,077.63, sliding from a record high in the previous session. The S&P 500 fell 0.5% to 4,163.26 after closing at a fresh high on Friday. The tech-heavy Nasdaq Composite lost 1% to 13,914.77.
Bitcoin was slammed over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics. At one point, it was down 19% from that record over the weekend before stabilizing. The cryptocurrency was last at $55,866 on Monday.
Tesla, a holder of bitcoin, fell more than 3%. Coinbase, a cryptocurrency trading platform that made its public debut last week, dropped 2.6%.
“Whenever a headline grabbing asset sees a big decline at a time when the broad market stands at an expensive level.