Stocks logged a third straight day of declines as inflation concerns persisted.

[Click here to read what’s moving markets heading into Thursday, May 20]

The Nasdaq underperformed, and the index opened lower by more than 1.5% before paring some losses. The S&P 500 and Dow were also off sharply. Cryptocurrencies sold off, with bitcoin (BTC-USD) sinking more than 17% to trade below $38,000, or the lowest level since February, and ethereum (ETH-USD) plunging 21% to below $3,800. The moves lower extended a recent bout of volatility and were exacerbated after the People’s Bank of China doubled down on its stance that cryptocurrencies could not be used for payments.

Leadership in equity markets has see-sawed between cyclical and value stocks and technology shares, as investors consider prospects for a strong economic rebound, but also the possibility that the pick-up in activity generates a surge in inflation that ultimately weighs on the…

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