Bitcoin (BTC) surged more than 5% on Friday to above $80,000, extending a dramatic rebound as traders looked past the CLARITY Act’s failure in the Senate and returned to riskier corners of the crypto market.

The world’s largest cryptocurrency climbed above $81,000 during the session, a sharp reversal from its slide below $76,000 earlier this week. The rally spread across digital assets and crypto-linked stocks, signaling that investors are increasingly willing to separate Bitcoin’s near-term trajectory from Washington’s stalled push for comprehensive crypto legislation.

Bitcoin Breaks Through $78,000

Momentum rose after Bitcoin pushed through resistance near $78,000, a level that had repeatedly limited the cryptocurrency’s recovery. The breakout forced bearish traders out of their positions, adding fuel to the move toward $80,000. Derivatives markets had already been leaning bullish, with traders building positions in call options that would benefit from further gains.

Attention now turns to the $80,000-to-$82,000 range. Bitcoin has struggled to sustain moves through that area, making it an important test of whether Friday’s surge can develop into a broader breakout rather than another short-lived rebound.

Crypto Moves Past the CLARITY Act Setback

Perhaps the biggest shift is Bitcoin’s resilience following the Senate’s failure to advance the CLARITY Act earlier this week. The legislation was intended to establish a broader federal framework for digital-asset markets, and its failure initially sent Bitcoin sharply lower.

But by Friday, traders appeared increasingly willing to look beyond the legislative setback as regulators continued pursuing crypto-related rulemaking through other channels. The rebound also shows how quickly sentiment has changed. Bitcoin had fallen toward $60,000 in late August before beginning a powerful recovery, and Friday’s move above $80,000 brings the cryptocurrency considerably closer to recovering from its prolonged downturn.

Washington Still Has Crypto on the Agenda

While the CLARITY Act stalled, another crypto proposal moved forward this week. A House committee advanced legislation designed to formalize a Strategic Bitcoin Reserve holding government-owned Bitcoin. The proposal would generally require the government to retain reserve Bitcoin for at least 20 years while introducing reporting and auditing requirements.

It still faces additional steps in Congress before it could become law, so its advancement does not guarantee a change in federal policy. For markets, however, the development provides another sign that digital assets remain an active policy issue even after the setback for broader market-structure legislation.

Fed Hike Fails to Derail the Rally

Bitcoin is also showing resilience against a challenging interest-rate backdrop. The Federal Reserve raised rates by 25 basis points this week, lifting its benchmark range to 3.75% to 4.00% and signaling that further tightening remains possible. Higher rates typically create a tougher environment for Bitcoin and other speculative assets by raising yields on safer investments and tightening financial conditions.

Treasury yields remain a risk, with the 10-year yield hovering near 5%. But easing oil prices have offered some relief from inflation fears, while investors appear increasingly willing to return to risk assets despite expectations that monetary policy could remain restrictive.

Institutional Positioning Remains Supportive

Institutional interest is also providing a stronger foundation than Bitcoin had during previous downturns. Bitcoin ETFs have attracted renewed inflows during parts of the late-summer recovery, while futures positioning remains elevated. JPMorgan analysts noted this week that Bitcoin ETF flows have recovered roughly half of their earlier 2026 outflows.

At the same time, elevated short interest and hedging around Bitcoin ETFs suggest positioning remains cautious — potentially leaving room for additional buying if investor confidence improves. That combination of institutional participation and bearish positioning could amplify price swings in either direction, particularly as Bitcoin approaches major technical resistance.

Looking Ahead

Bitcoin’s immediate test is whether it can establish itself above the $80,000-to-$82,000 range. A sustained breakout would strengthen the case that the rebound from August’s lows has entered a new phase, while another rejection could send attention back toward support around $78,000 and the mid-$70,000s. Macro conditions remain just as important. With the Fed signaling that another rate hike is possible and Treasury yields near 5%, Bitcoin still faces a difficult liquidity backdrop. But Friday’s surge shows that regulatory disappointment and higher rates have not been enough to extinguish risk appetite — making the battle around $80,000 the next major test for the crypto recovery.

U.S. stocks traded lower on Friday as rising Treasury yields interrupted Wall Street’s post-Fed rally. The Dow Jones Industrial Average fell about 0.5%. Meanwhile, the S&P 500 slipped roughly 0.3% and the Nasdaq Composite fell 0.2% as investors reassessed the path of interest rates after the Federal Reserve’s first rate hike in three years.

The pullback came despite another decline in oil prices, which offered some relief from the inflation concerns that have dominated markets in recent weeks. Instead, attention shifted back to bonds, with the 10-year Treasury yield climbing toward 5% as traders weighed the possibility of another Fed hike as soon as October.

Market Movers:

• Securitize (SECZ) +8%: Shares jumped as crypto-linked stocks rallied following the SEC’s approval of digital versions of securities for trading in the U.S., fueling optimism around the expansion of tokenized assets. The move lifted the broader crypto sector as Bitcoin surged above $80,000, with Strategy, Coinbase, Circle, MARA Holdings and Galaxy Digital also posting strong gains.
• MACOM Technology Solutions (MTSI) +4%: Shares gained after BMO Capital Markets upgraded the semiconductor company to Outperform from Market Perform and set a $335 price target. The firm pointed to a more attractive valuation following the stock’s steep decline from its May peak while highlighting continued strength in data-center and industrial and defense demand.
• Intapp (INTA) +3%: Shares rose after the software company announced a partnership with OpenAI that will make its Celeste AI coworker available as a plug-in for ChatGPT Enterprise. The integration is designed to bring proprietary client information and institutional knowledge into AI workflows for highly regulated industries including law, accounting and investment banking.
• Xenon Pharmaceuticals (XENE) -26%: Shares plunged after Xenon paused enrollment in studies of azetukalner for major depressive disorder and bipolar depression following reports of neuropsychiatric adverse events. The company expects the pause to be temporary while it evaluates dosing adjustments, and said its azetukalner programs for focal seizures and primary generalized tonic-clonic seizures are unaffected.
• Netflix (NFLX) -5%: Shares slipped after Wells Fargo downgraded the streaming company to Underweight from Equal Weight and cut its price target to $57 from $80, citing weakening engagement and concerns about its content strategy. The firm said Netflix viewership declined 8% year over year during the first half of 2026 and lowered its operating-margin forecasts for 2027 and 2028.
• Nucor (NUE) -4%: Shares fell after the steelmaker forecast third-quarter earnings of $5.55 to $5.65 per share, below the $5.99 Wall Street consensus. Nucor still expects improved profitability from its steel mills and steel products businesses as higher selling prices and stable volumes offset weaker raw-materials results.
• Steel Dynamics (STLD) -3%: Shares declined after the company projected third-quarter earnings of $5.34 to $5.38 per share, missing the $5.60 consensus estimate. Steel Dynamics expects stronger steel profitability and record shipments, but weaker recycling spreads and volumes are projected to partially offset those gains.

Treasury Yields Put Rates Back in Focus

Bond yields returned as Wall Street’s biggest pressure point Friday. The 10-year Treasury yield rose roughly 5 basis points toward 5% as investors increased bets that the Fed could follow this week’s quarter-point hike with another increase in October.

The move highlights the balancing act facing markets after the Fed’s decision. Investors initially welcomed the central bank’s renewed effort to contain inflation, but expectations for additional tightening could keep borrowing costs elevated and create renewed pressure on stock valuations, particularly in growth-sensitive sectors.

Oil Falls Below $100

Oil prices continued to ease Friday, with crude falling below $100 per barrel after spending much of the past several weeks at elevated levels. The decline provides some relief for markets after disruptions to Middle East supplies pushed energy costs sharply higher and complicated the inflation outlook.

Energy remains a significant wildcard, however. Continued uncertainty surrounding global supply means another spike in crude could quickly revive inflation fears, making the direction of oil an important factor in expectations for the Fed’s next move.

Bitcoin Reclaims $80,000

Crypto emerged as one of Friday’s strongest pockets of the market. Bitcoin surged roughly 5% to above $80,000 as investors returned to riskier assets and looked past the recent setback for federal digital-asset legislation. The rally took off after Bitcoin cleared resistance around $78,000, triggering short liquidations and helping propel the cryptocurrency toward the $80,000-to-$82,000 range. Crypto-linked stocks followed higher, with the sector also benefiting from renewed enthusiasm surrounding tokenized securities.

Looking Ahead

Friday’s pullback suggests the Fed’s rate hike has not eliminated uncertainty around monetary policy. Investors will now be watching incoming inflation and economic data for clues on whether another increase could arrive in October, with the 10-year Treasury yield near 5% once again raising the stakes for equities. Cooling oil prices could provide an important counterweight if the decline continues. For now, Wall Street is entering the next phase of the Fed cycle with inflation concerns easing at the margins, but higher yields ensuring that interest rates remain firmly at the center of the market narrative.

U.S. stocks rallied on Thursday as investors moved past the Federal Reserve’s first rate hike in three years and welcomed a pullback in oil prices. The Dow Jones Industrial Average gained about 0.7%, while the S&P 500 climbed 1.1% and the tech-heavy Nasdaq Composite jumped 1.6%, rebounding sharply from Wednesday’s post-Fed weakness.

Technology led the recovery as markets weighed Fed Chair Kevin Warsh’s hawkish policy message against signs that the central bank is taking inflation seriously. Brent crude also retreated toward $104 per barrel, easing some of the immediate energy-driven inflation fears that have rattled stocks and pushed bond yields higher in recent weeks.

Market Movers:

• Generac Holdings (GNRC) +24%: Shares soared after the backup-power company announced a long-term agreement to supply Amazon data centers, including $2.4 billion in initial generator deliveries during 2027 and 2028. The agreement could ultimately generate up to $8 billion in payments to Generac and its affiliates, highlighting the enormous power requirements behind the AI data-center boom.
• Vicor Corporation (VICR) +14%: Shares jumped after the power-component maker announced a licensing agreement covering its Vertical Power Delivery technology for high-performance AI processors. The deal gives Vicor another way to monetize its technology through royalties and component sales, although the company did not disclose the customer, financial terms or expected purchase volumes.
• Lucid Group (LCID) +9%: Shares rallied after Lucid and European mobility platform Bolt announced plans to develop and deploy at least 25,000 autonomous vehicles across European cities. The fleet will be based on Lucid’s upcoming midsize platform and is expected to use Nvidia’s Hyperion architecture to support Level 4 autonomous driving.
• Workday (WDAY) +7%: Shares rose following a report that financing efforts for a potential take-private transaction remain underway, reviving speculation that a deal could still materialize. The latest development follows earlier reports that private equity firm Silver Lake was exploring an acquisition, although no transaction has been finalized.
• Fluence Energy (FLNC) -17%: Shares plunged after the energy-storage company slashed its fiscal 2026 revenue forecast to $2.4 billion from a previous range of $2.9 billion to $3.1 billion. Fluence also now expects an adjusted EBITDA loss of roughly $200 million, sharply worse than its previous forecast for a loss of around $10 million, as supply-chain problems and manufacturing delays weigh on results.
• Viant Technology (DSP) -17%: Shares sank after the advertising technology company announced an underwritten offering of 8.5 million Class A shares by a selling stockholder. Viant will receive no proceeds from the base offering, while the potential addition of another 1.28 million shares through the underwriters’ option added to selling pressure.
• Paramount Skydance (PSKY) -5%: Shares fell amid uncertainty surrounding the company’s planned $110 billion Warner Bros. Discovery acquisition and reports of a dispute over potential structural concessions. The company has also reportedly considered relocating its movie studio out of California if the regulatory dispute is not resolved.
• CoreWeave (CRWV) -4%: Shares declined after the AI infrastructure company proposed a $3 billion convertible senior notes offering, with buyers receiving an option for another $500 million. CoreWeave also established a program allowing it to sell as many as 35 million Class A shares, raising concerns about potential dilution as the company continues funding its capital-intensive expansion.

Fed Hike Calms One Fear but Raises Another

The Fed raised its benchmark rate by 25 basis points Wednesday in a unanimous decision, marking its first increase in three years. Policymakers also projected another rate hike before the end of 2026, reinforcing Warsh’s message that the central bank remains focused on bringing inflation under control. Markets initially struggled with that hawkish outlook but reversed course Thursday. Investors appear to be balancing the prospect of higher borrowing costs against the possibility that tighter policy could prevent the recent surge in energy prices from becoming a more persistent inflation problem.

Oil Retreat Gives Wall Street Some Breathing Room

Oil provided another source of relief. Brent crude slipped toward $104 per barrel after U.S. Energy Secretary Chris Wright said Saudi Arabia’s East-West pipeline, an increasingly important alternative route for crude supplies, could soon return to service. Crude remains historically elevated, so energy prices are far from disappearing as a market risk. Still, Thursday’s decline helped ease fears of another immediate inflation shock and gave growth stocks room to rebound.

AI Infrastructure Trade Finds New Momentum

Thursday’s biggest gainers also underscored that investors remain willing to bet on the physical infrastructure behind AI. Generac’s massive Amazon agreement highlighted the growing need for dependable power at data centers, while Vicor’s licensing deal reinforced demand for technologies capable of supporting increasingly power-hungry AI processors.

Memory stocks joined the rally as well after Intel CEO Lip-Bu Tan warned that tight memory supplies could become an even larger bottleneck in 2027. Micron jumped more than 5%, while Nvidia, Broadcom and SK Hynix also gained as expectations for constrained supply supported the outlook for chip pricing.

Looking Ahead

Thursday’s rally suggests investors were willing to look past the Fed’s initial hawkish message, but the path for rates remains a major variable heading into the final months of the year. With another hike projected, upcoming inflation, labor-market, and consumer data will determine whether expectations for additional tightening continue to build. At the same time, the AI infrastructure trade is showing renewed strength after a volatile week for technology stocks. Generac’s Amazon deal and continued concerns about memory shortages are shifting attention toward the power, chips, and physical capacity needed to support AI growth — a theme that could remain a major driver for the market even as higher rates pressure valuations.

SK Hynix (SKHY) surged approximately 3% on Wednesday after reports that the South Korean memory giant is exploring a potential partnership with Intel that could bring its memory-chip manufacturing to the U.S. for the first time.

Intel shares rose more than 5% on the news, while the broader semiconductor sector also moved higher. The potential agreement comes as booming AI infrastructure investment fuels demand for advanced memory and puts pressure on chipmakers to expand capacity closer to major U.S. customers.

Intel’s Ohio Campus Could Play a Key Role

Discussions between SK Hynix and Intel remain preliminary, but several possible structures are reportedly under consideration. One scenario would have SK Hynix lease part of Intel’s long-planned semiconductor complex in Ohio to manufacture memory wafers. Another could involve a joint venture between SK Hynix, Intel and major cloud computing companies looking to secure long-term memory supplies.

For Intel, an agreement could put additional capacity at its delayed Ohio campus to work while sharing some of the enormous cost associated with expanding domestic semiconductor manufacturing. SK Hynix stressed Wednesday that nothing has been finalized. The company said it is exploring several options to strengthen its global competitiveness but that no decisions have been made regarding either of the reported scenarios.

SK Hynix Is Already Expanding in the U.S.

A manufacturing agreement would significantly expand SK Hynix’s existing U.S. footprint. The company is already investing roughly $4 billion in an advanced packaging facility in West Lafayette, Indiana, designed around high-bandwidth memory, or HBM. Production is expected to begin later this decade.

The distinction is important: the Indiana operation focuses on advanced packaging rather than actually fabricating memory wafers. Adding front-end production through Intel’s Ohio facility could eventually give SK Hynix a much broader U.S.-based manufacturing chain.

Micron currently stands apart among the world’s largest memory manufacturers because it already produces memory wafers in the U.S. Samsung and SK Hynix have invested domestically in areas including research, packaging and other semiconductor operations, but their core memory fabrication remains concentrated overseas.

AI Boom Raises the Stakes for Memory

The discussions arrive at a pivotal moment for the memory industry. AI data centers require enormous quantities of HBM, which is placed alongside high-performance processors to rapidly move the data required for demanding AI workloads. SK Hynix has emerged as one of the most important suppliers in that market.

Rapid expansion by cloud providers and AI companies has tightened supplies and made securing future memory capacity an increasingly important part of the broader data-center buildout. That demand also helps explain why cloud companies could potentially participate in an Intel-SK Hynix venture. Direct involvement could give hyperscalers greater visibility into future memory supplies at a time when capacity constraints remain one of the biggest risks to AI infrastructure growth.

A U.S. Deal Would Face Major Hurdles

Bringing advanced memory production to the U.S. would not be simple. Manufacturing costs are considerably higher than in South Korea, where SK Hynix already benefits from a mature semiconductor supply chain, established infrastructure, and lower construction and operating costs. Regulatory questions could also complicate an agreement.

South Korea considers certain advanced semiconductor technologies strategically important, and transferring production involving technologies such as DRAM or HBM could require government review. Those obstacles help explain why SK Hynix has emphasized that the current discussions remain exploratory. Any agreement would need to make economic sense while balancing the company’s global manufacturing strategy and the sensitivity surrounding advanced memory technology.

Looking Ahead

The immediate enthusiasm surrounding SK Hynix and Intel reflects the growing strategic importance of memory in the AI boom. A partnership could give SK Hynix its first U.S. memory manufacturing base, provide Intel with another potential use for its massive Ohio investment and offer cloud companies greater access to increasingly valuable memory capacity. For now, however, investors are trading on possibility rather than a finalized agreement. The next thing to watch will be whether the exploratory discussions develop into a concrete manufacturing plan; and, just as importantly, what type of memory SK Hynix would actually produce in the U.S. if a deal moves forward.

U.S. stocks edged up on Wednesday ahead of the Federal Reserve’s highly anticipated interest rate decision. The S&P 500 gained about 0.4%, while the tech-heavy Nasdaq Composite climbed roughly 0.8% and the Dow Jones Industrial Average hovered near the flatline, with semiconductor stocks helping lead the rebound.

The gains came as oil prices and Treasury yields retreated from recent highs, giving equities some breathing room after two difficult sessions. Markets overwhelmingly expect the Fed to raise rates by a quarter percentage point, leaving investors focused on the central bank’s updated projections and Chair Kevin Warsh’s remarks for clues about whether additional tightening could follow later this year.

Market Movers:

• Alvotech (ALVO) +8%: Shares jumped after Barclays double-upgraded the biosimilar developer to Overweight from Underweight ahead of an upcoming FDA decision on its lead biosimilar candidate. The firm pointed to an improving risk-reward setup as Alvotech expands its commercial pipeline and U.S. manufacturing presence.
• Twist Bioscience (TWST) +7%: Shares rallied after the company announced a collaboration with Lilly TuneLab, Eli Lilly’s AI and machine-learning drug discovery platform, to provide antibody characterization data. The agreement will connect Twist’s wet-lab antibody services with AI models designed to accelerate the identification and development of promising drug candidates.
• Intel (INTC) +6%: Shares surged following reports that SK Hynix is exploring an agreement that could bring memory-chip manufacturing to Intel’s planned Ohio facility. Options under discussion reportedly include SK Hynix leasing part of the site or forming a joint venture with Intel and major cloud providers, though the talks remain exploratory.
• SK Hynix (SKHY) +2%: Shares advanced alongside Intel as investors weighed the possibility of the South Korean memory giant manufacturing chips in the U.S. for the first time. SK Hynix said it is exploring options to strengthen its global competitiveness but emphasized that no specific arrangement has been finalized.
• FTAI Aviation (FTAI) +3%: Shares gained after the aircraft leasing and aviation services company authorized a new $500 million share repurchase program. FTAI plans to finance the buybacks with existing cash, with the authorization remaining in place through September 2029 unless completed earlier.
• J.B. Hunt Transport Services (JBHT) -10%: Shares plunged after management warned that higher fuel and driver-related expenses could push third-quarter earnings down 5% to 10% sequentially. The company expects roughly $10 million in pressure from fuel volatility and another $25 million from recruiting, training, onboarding and other driver-related costs.
• Vodafone (VOD) -2%: Shares slipped following reports that the telecom giant could face as much as €1.1 billion in potential earnings losses related to the sale of Patrick Drahi’s stake in German broadband venture OXG Glasfaser. The transaction has raised concerns about Vodafone’s financial exposure after the buyer reportedly declined to assume Drahi’s deferred payment commitments.

Fed Decision Takes Focus

Wednesday’s Fed decision is the dominant event for Wall Street, with markets pricing roughly a 93% chance of a quarter-point rate increase. A Reuters poll also found 85% of economists expecting a 25-basis-point hike, which would lift the target range to 3.75% to 4.00%.

With a hike largely anticipated, the bigger question is what comes next. Investors will closely scrutinize the Fed’s updated dot plot and Warsh’s press conference for signs of whether policymakers see persistent inflation as requiring additional tightening before the end of the year.

Oil and Treasury Yields Give Stocks Some Relief

Two major sources of pressure eased Wednesday. Oil prices retreated after their recent surge, while the 10-year Treasury yield pulled back after crossing 5% and reaching its highest levels since 2007. Brent crude remained above $100 per barrel, keeping energy-driven inflation risks firmly in view, but reports of additional Saudi supply helped ease immediate concerns about shortages. The combination of lower crude prices and declining long-term yields helped restore some risk appetite ahead of the Fed announcement.

Retail Sales Show Consumers Are Still Spending

Fresh economic data added another complication to the rate outlook. August retail sales jumped 1.2%, topping expectations for a 0.9% increase and rebounding from July’s decline. The stronger spending figures suggest consumers remain resilient despite higher energy costs and persistent inflation. That underlying strength could reassure investors about economic growth, but it also gives the Fed another reason to remain cautious about declaring victory over inflation.

Looking Ahead

The Fed’s rate decision may be largely priced in, making Warsh’s message potentially more important than the hike itself. Investors will be listening for any indication that September represents a single adjustment or the beginning of a broader tightening cycle as policymakers respond to sticky inflation and elevated energy prices. Wednesday’s rebound in semiconductors is also worth watching after the sharp AI-driven selloff earlier this week. Intel’s rally and renewed optimism around AI infrastructure suggest investors remain willing to return to the chip trade, but the direction of Treasury yields after the Fed decision could determine whether that recovery has room to continue.

Bitcoin (BTC) sank roughly 3% Tuesday to around $76,000 as investors faced a double dose of uncertainty from Washington: fading hopes for a major cryptocurrency regulatory bill and an increasingly likely Federal Reserve rate hike.

The decline erased another portion of Bitcoin’s powerful August rebound and dragged the broader crypto market lower. Ether fell more than 4%, while crypto-linked equities including Coinbase and Strategy also came under heavy pressure as traders reduced risk ahead of two potentially market-moving events.

CLARITY Act Hits a Major Roadblock

The immediate catalyst was deteriorating confidence around the CLARITY Act, a sweeping proposal designed to establish a federal market structure for digital assets and clarify how cryptocurrencies are regulated in the U.S. The Senate is scheduled to hold a crucial procedural vote Tuesday, with 60 votes needed to advance the legislation. Lawmakers released a heavily revised version ahead of the vote containing more than 120 changes aimed at addressing concerns surrounding ethics, stablecoins and financial stability.

Despite those revisions, support remained uncertain heading into the vote. That raised fears across the crypto market that comprehensive regulatory clarity could once again be pushed further into the future. For an industry that has increasingly viewed clearer U.S. rules as a potential catalyst for institutional adoption, the possibility of another legislative delay quickly weighed on sentiment.

Bitcoin’s $80,000 Breakout Stalls

The regulatory setback arrives just as Bitcoin has been struggling to establish a sustained move above $80,000. Bitcoin rallied roughly 25% in August after falling toward $60,000 late in the month, supported by easing Treasury yields and renewed institutional demand. The rebound briefly pushed the cryptocurrency above $80,000, but sellers repeatedly emerged around that level.

Tuesday’s decline brought Bitcoin back toward an important technical area in the mid-$70,000s. The cryptocurrency has recently found support around $76,000 to $77,000, making that range increasingly important if selling accelerates. The pullback also underscores how quickly sentiment has shifted. Bitcoin’s late-summer rally revived hopes that the prolonged crypto downturn was beginning to end, but the token remains well below its 2025 record above $126,000.

Fed Rate Hike Adds Another Headwind

Crypto investors are also bracing for Wednesday’s Federal Reserve decision. Markets are overwhelmingly positioned for a quarter-point rate hike following hotter inflation data and another surge in energy prices. Brent crude has climbed back above $108 per barrel, while the 10-year Treasury yield has hovered around 5%, creating a difficult backdrop for speculative assets.

Higher interest rates can pressure Bitcoin by making yield-bearing assets such as Treasurys more attractive while simultaneously tightening financial conditions and reducing demand for risk. That relationship has become increasingly visible in recent weeks. Bitcoin and crypto investment flows have reacted sharply to changing expectations for Fed policy, suggesting monetary policy may be just as important to the next move as crypto-specific developments.

Institutional Demand Offers a Counterweight

Despite the renewed selloff, institutional demand has provided some evidence that investors remain interested in Bitcoin at lower prices. Bitcoin exchange-traded funds have attracted renewed inflows during portions of the recent rebound, helping support the recovery from August’s lows. That demand has contributed to a growing divide between Bitcoin’s stronger longer-term institutional backdrop and its much more volatile short-term macro environment. For now, however, higher yields, expensive oil and uncertainty surrounding crypto legislation are winning that battle.

Looking Ahead

Bitcoin now faces two immediate catalysts that could determine whether $76,000 becomes another launching point or gives way to a deeper pullback. The outcome of the Senate’s CLARITY Act vote will shape expectations for U.S. crypto regulation, while Wednesday’s Fed meeting could have an even larger impact on liquidity and risk appetite. The rate decision itself may be largely anticipated, making the Fed’s updated projections and Chair Kevin Warsh’s comments especially important. A less aggressive outlook for future tightening could give Bitcoin room to recover, while a more hawkish path combined with continued legislative uncertainty could put the cryptocurrency’s recent rebound under further pressure.

U.S. stocks moved lower on Tuesday as another surge in oil prices and stubbornly high Treasury yields kept investors on edge ahead of the Federal Reserve’s closely watched rate decision. The Dow Jones Industrial Average fell about 0.7%, while the S&P 500 dropped roughly 0.4% and the Nasdaq Composite slid 0.6%, with technology stocks once again facing some of the heaviest pressure.

The cautious session comes as Brent crude surged back above $108 per barrel and WTI climbed toward $105 amid worsening supply disruptions in the Middle East. Meanwhile, the 10-year Treasury yield continued hovering around 5%, leaving investors caught between an energy-driven inflation threat, elevated borrowing costs, and uncertainty over what the Fed will signal Wednesday.

Market Movers:

• Radiant Logistics (RLGT) +17%: Shares surged after fiscal fourth-quarter revenue climbed 18.6% from a year ago, while adjusted net income increased 34.5% and adjusted EBITDA jumped 31.6%. The logistics company entered fiscal 2027 with no net debt and expanded its acquisition capacity after amending its $200 million revolving credit facility.
• Waystar (WAY) +10%: Shares rallied following a report that the healthcare software provider is exploring strategic alternatives, including a potential sale that could take it private. Waystar has reportedly hired Evercore to advise on the early-stage process after its market value fell to roughly $4.8 billion amid this year’s broader software selloff.
• Enova International (ENVA) -25%: Shares plunged after the financial services company withdrew regulatory applications tied to its proposed acquisition of Grasshopper Bancorp, citing a lack of clear regulatory standards for nonbanks seeking to become banks. Enova maintained its third-quarter and full-year growth forecasts and said it plans to accelerate share repurchases, with $349 million remaining under its authorization as of June 30.
• Dave & Buster’s Entertainment (PLAY) -15%: Shares sank after rising food, beverage, payroll and pre-opening costs contributed to an unexpected second-quarter loss of $0.27 per share, compared with expectations for a $0.19 profit. Revenue declined 2.4% from a year earlier and adjusted EBITDA dropped to $98.9 million from $129.8 million as weaker comparable sales and higher expenses squeezed profitability.
• Circle Internet Group (CRCL) -8%: Shares tumbled as fading hopes for comprehensive U.S. digital asset legislation triggered broad selling across crypto-linked stocks, while Bitcoin dropped nearly 3%. Coinbase, Strategy, Robinhood and several crypto miners also declined as investors reassessed the likelihood of near-term regulatory clarity for the industry.
• Sysco (SYY) -3%: Shares fell after the foodservice distributor priced roughly 12.34 million common shares at $81 apiece, raising approximately $1 billion in gross proceeds. Sysco plans to use the funds to help finance its pending acquisition of Jetro Restaurant Depot, with underwriters receiving an option to purchase up to another $150 million of shares.

Oil Surges as Middle East Supply Risks Grow

Energy markets remained one of Wall Street’s biggest concerns Tuesday. Brent crude climbed more than 3% to nearly $109 per barrel, while WTI traded above $103 as markets reacted to the shutdown of Saudi Arabia’s critical East-West pipeline and continued attacks on regional energy infrastructure.

The physical market is showing even greater stress. Dated Brent, which is used to price much of the world’s physical crude supply, reportedly traded above $130 per barrel as disruptions tightened available supplies. Saudi Arabia’s East-West pipeline has become particularly important because of its capacity to move as much as 7 million barrels per day away from the Persian Gulf.

Treasury Yields Stay Near 5% Ahead of the Fed

Bond markets are adding another layer of pressure. The 10-year Treasury yield remained near 5% after briefly reaching its highest intraday level since 2007 overnight, reflecting persistent concerns about inflation, government borrowing and the outlook for interest rates.

The Fed begins its two-day September meeting Tuesday, with markets overwhelmingly expecting policymakers to raise rates. Investors will be watching Wednesday’s updated dot plot and Fed Chair Kevin Warsh’s press conference closely for clues about whether policymakers see further tightening beyond September.

Crypto Slides as Regulatory Hopes Fade

Crypto added another pocket of weakness Tuesday, with Bitcoin falling roughly 3% ahead of a key Senate procedural vote on digital asset legislation. Expectations that the measure can advance have deteriorated as lawmakers struggle to secure the votes needed to overcome a filibuster. That uncertainty weighed heavily on Circle and other crypto-linked stocks. Investors had increasingly viewed regulatory clarity as a potential catalyst for wider institutional adoption, making the prospect of legislation being delayed beyond the midterm elections another setback for the sector.

Looking Ahead

Wednesday’s Fed decision is now firmly at the center of the market’s attention. A rate hike is widely expected, leaving investors more focused on the Fed’s projections and whether policymakers signal that stubborn inflation and soaring energy prices could require additional tightening. Oil may ultimately prove just as important. With Brent near $109, physical crude prices considerably higher and a major Saudi pipeline offline, any further deterioration in Middle East supplies could intensify inflation concerns, push Treasury yields higher and make an already difficult backdrop for stocks even more challenging.

KRAIT Critical Minerals Corp. (CSE: KRIT) entered the public markets with a flagship gold project in one of Ontario’s most established mining regions. Its Goldbar Spider Lake Project, located in the Hemlo–Schreiber Greenstone Belt, covers 3,636 hectares and includes seven priority conductive zones identified through a 2026 VTEM Plus airborne survey. The Company’s strategy focuses on combining historical exploration data with modern geophysics, geological mapping, and systematic target evaluation as it advances the property toward future drill targeting.

But KRAIT’s story is quickly expanding beyond gold.

With its recently announced agreement to acquire Nevada Hills Antimony, KRAIT is gaining exposure to antimony in the United States at a time when securing domestic supplies of critical minerals has become increasingly important. The acquisition includes contractual rights relating to the historically producing Bales Antimony Project and Antimony Bell Project, giving KRAIT a foothold in a U.S. antimony district while the Company works to independently verify the historical information associated with the properties.

Behind that strategy is a capital structure CEO Oscar Mendoza says was intentionally built differently from the traditional junior mining model. Drawing on his background in international capital markets, investment banking, and precious and critical metals, Mendoza assembled a shareholder base that includes strategic and institutional investors, with early backing from investors in Asia. That structure has become an important part of how management approaches acquisitions, financing, and its larger goal of expanding KRAIT’s portfolio without diluting existing shareholders.

To better understand KRAIT’s journey, we sat down with CEO Oscar Mendoza to discuss the Nevada Hills acquisition, why antimony has become strategically important, the work required to validate the historical opportunity, and how management intends to build KRAIT into a broader critical minerals company while continuing to advance its gold portfolio.

Let’s dive in…

Oscar Mendoza, CEO of KRAIT Critical Minerals

​Oscar Mendoza has experience in international capital markets, project development, and mineral exploration strategy, with a focus on precious and critical metals. He holds an MBA in International Management from the International University of Japan and a BA from the University of North Texas, emphasizing economic development and international finance.

FULL INTERVIEW:

For investors new to KRAIT, can you walk us through the Company’s origins and the strategy behind how you’ve built the business?

​The opportunity for the gold asset was presented to me, and I thought it made a lot of sense to make that move. I’ve covered metals and mining as an investment banking analyst; I’ve also handled large investment funds, hedge funds, and private equity funds during my time in Mongolia, which is a very important mining jurisdiction. We incorporated the company in January 2025 and then worked around the main asset.

I purposefully created this team with good, qualified people. I wanted to structure KRAIT in a very unique way. The focus was on how to structure the capitalization and obtain investment capital from both strategic investors and institutional investors at the pre-IPO stage, which was unheard of. I have several contacts in Asia who have known me from previous dealings, my background, and my expertise.

A lot of my preliminary roadshows were about education. I’d explain how the capital markets work, how to take a company public, raise capital to develop an asset, and how the multiples are in place for returns on investments if you proceed with a strategic plan.

If you look at our capitalization table today, we have a publicly listed mining operations company with a market cap of more than US$700 million as one of our core shareholders. We have knowledgeable people in the space who took significant equity stakes and are very familiar with investing in these types of juniors. We also have two institutional investors.

This cap table and structure allow us to diligently acquire assets because the shares are our capital and our currency, and we’re able to structure these deals without diluting shareholders. The structure is something that we’re proud of at KRAIT, and that’s what has enabled us to proceed with the recent acquisition.

​KRAIT recently announced the acquisition of Nevada Hills Antimony. What attracted you to the opportunity, and how does it fit into the Company’s broader strategy?

​We entered into the definitive agreement to acquire Nevada Hills Antimony, which gives KRAIT exposure to a portfolio of antimony opportunities in the United States. It includes contractual rights relating to the Bales Antimony Project, which consists of seventeen contiguous claims, and four claims comprising the Antimony Bell Project; both historically producing mines.

What initially attracted us to Bales was the combination of location, historical work, and reported high-grade antimony. The records reported a discovery post-sample grading of 10.9% antimony, and they produced around 37 or 38 tons of historically sorted material that averaged 14.4% antimony.[1] We’re aware that these results are historical and have not yet been independently verified. We’re not treating them as a current mineral resource or evidence of economic viability. It’s more an acquisition of a historical occurrence, and it creates a broader antimony portfolio in a past-producing district in Washington State, in very close geographic proximity to the only operating antimony smelter in the U.S., in Montana.

The transaction also shows that we have a very disciplined approach to capital allocation. We will issue 2.5 million shares and pay US$100,000 for the acquisition. Together with this acquisition, we announced a financing of up to C$1.5 million at C$0.75 per share, for two million shares with no warrants. The financing is intended to support exploration at Gold Bar, Spider Lake, and, subject to closing and satisfactory review, the initial work at Bales and Antimony Bell.

​[1] Krait Critical Minerals Corp., “Krait Critical Minerals Enters Definitive Agreement to Acquire Portfolio of U.S. Antimony Projects and Announces Concurrent Financing,” September 8, 2026, https://kraitminerals.com/news/krait-us-antimony-projects-acquisition/

​Why has antimony become such an important part of KRAIT’s strategy?

​It became important within the last year or two when China decided to ban exports of several critical minerals, including antimony. The West realized that access to this critical mineral has to be sourced from friendly jurisdictions; however, in the case of the U.S., from an internal source (if possible).

We’re seeing it across the spectrum in other countries and governments. For example, the UK government recently provided £71 million in financing to a mining company to restart a tungsten mine that operated during World War II. This gives us a clear indication that critical minerals are the focus of sovereign nations. They’re being supported through policy and the regulatory environment, but also with capital from governments themselves.

Antimony is a critical mineral that the United States has identified as important to source domestically so that the country is not dependent on other nations for production. If we look at the largest antimony producers, six of the top seven are in jurisdictions that are either non-friendly or hostile to the U.S. These include China, Myanmar, Russia, Iran, and Tajikistan. Australia is the only one in the top seven, but its total national production of antimony is about 12% of what the U.S. is estimated to require in the coming years.

Antimony is an important mineral for defense and energy storage, including solar panels and batteries, as well as EVs and fire retardants. It also has military applications, including tracer rounds and aircraft. That’s where we are. It’s a geopolitical play; it’s U.S.-centric, the story is U.S.-centric, and the demand is U.S.-centric. We’d rather make sure that we have an asset that is inside the U.S.

​What work needs to be completed at Bales and Antimony Bell before you can determine how to advance the projects?

​Our next step would be to confirm title and claim status, digitize the historical information, assess access and permitting, conduct modern mapping in the region, and conduct independent sampling to confirm the laboratory results found.

Historical information includes three independent laboratory results on grade, chemical composition, and the characteristics of the material. Indications are there was historically direct-ship quality mineralized material, which under the right conditions could mean no need for beneficiation, washing, or other downstream processing that requires years of permitting and environmental regulations.

I’ve already been talking to a possible off-taker and have confirmation on the parameters they’re looking for. The historical results show very low arsenic, at 0.2%, which is very important for potentially being able to sell directly. The one thing that hasn’t been tested is mercury because the previous tests didn’t cover that. That’s part of the due diligence we’re going to be doing. It’s about validating the quality of mineralized material and its capabilities, and that will guide our direction with antimony.

​If those results are successfully validated, what could the path toward commercialization look like?

​If everything goes as well as we anticipate, I don’t think we would stop spending on the project. In fact, there could be more focus on it. We don’t know how much antimony is in that overall district, and our exploration could indicate that it’s sufficiently large enough to justify interest from a mid-major or from a partner that is or would potentially buy mineralized material from us.

The smelter is owned by U.S. Antimony Corporation, and they have the infrastructure and are in need of material. There is the possibility of them looking at our asset as something that could be attractive for their portfolio. However, it leads to the possibility that we could potentially allocate even more capital.

While much of KRAIT’s recent attention has shifted toward antimony, Goldbar Spider Lake remains the flagship gold project. What are your priorities for advancing Goldbar Spider Lake, and what milestones should investors be watching for over the next 12 months?

​The Goldbar Spider Lake project is in a Tier 1 jurisdiction and gives Krait excellent exposure to the gold sector. We intend to systematically explore this project and develop drill targets over the next 12 months.

​ What does the historical significance of KRAIT’s antimony properties tell you about the opportunity today?

​We acquired two historically producing mines. The historical records indicate that the two were among the top five that contributed to about 7% of U.S. antimony consumption during one year of World War I.

The Antimony Bell mine was also classified as one of five critical mineral deposits for the U.S. to focus on when a report was done during the Cold War. In the end, the U.S. decided to source from Brazil and Mexico rather than produce internally. Brazil and Mexico later had to shut down because they couldn’t compete economically with the low-cost production coming from China.

For us, the important part is that we’re starting with a historically producing property where there has already been work done. Historical information includes three independent laboratory results covering grade, chemical composition, and characteristics of the material. But we still have to validate that information. We’re not treating the historical results as a current mineral resource or as evidence of economic viability. That’s why the independent sampling and verification work we’re planning is so important.

For our investors reading, what do you believe differentiates KRAIT from other junior exploration companies?

The larger story is that KRAIT is evolving from a single-project gold explorer into a diversified gold and critical minerals company, and we’re not stopping there. We’re actively looking for key assets in Tier 1 jurisdictions, either Canada or the United States, that will increase shareholder returns.

I’m feeling optimistic about the company, the structure, and the direction we are going. We have several things planned in the next month or two, and we’ve been working very hard since the beginning of the year. We have a strong shareholder base and a lot of support behind us. We’re actively working to create value without diluting shareholders or messing up our shareholder structure.

This acquisition is an important milestone, but we will remain disciplined. We’re not presenting historical grades as a modern resource, and we’re not promising a mine. We’re going through the right steps, and that’s how we intend to continue moving KRAIT forward.

Thank you for your time.

​Cautionary Statements Regarding Forward-Looking Information

This article contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.

In making the forward-looking statements contained in this article, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals and critical minerals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of any current or future projects in a timely manner, the availability of financing on suitable terms for exploration and development of current or future projects and the Company's ability to comply with environmental, health and safety laws.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via SEDAR+ and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements contained in this article, except as otherwise required by law.

[1] Krait Critical Minerals Corp., “Krait Critical Minerals Enters Definitive Agreement to Acquire Portfolio of U.S. Antimony Projects and Announces Concurrent Financing,” September 8, 2026, https://kraitminerals.com/news/krait-us-antimony-projects-acquisition/

U.S. stocks fell on Monday as a strong selloff in AI and semiconductor stocks collided with rising oil prices and another jump in Treasury yields. The S&P 500 and Nasdaq Composite were each down about 0.2% by midday after paring steeper losses, while the Dow Jones Industrial Average hovered near the flatline.

Technology was the clear pressure point after warnings from some of the AI industry’s most prominent executives rattled a trade built around rapid advances in increasingly powerful models. At the same time, Brent crude traded near $107 per barrel, and the 10-year Treasury yield briefly breached 5%, giving investors plenty to worry about ahead of Wednesday’s Federal Reserve decision.

Market Movers:

• RUM Group (RUM) +22%: Shares soared following reports that Anthropic is behind a previously disclosed $13.7 billion computing contract with the company formerly known as Rumble. RUM had revealed the massive agreement in an August securities filing without identifying the customer, making the reported Anthropic connection a major new catalyst for the stock.
• GSK (GSK) +3%: Shares climbed after the pharmaceutical giant reported encouraging clinical results across its oncology pipeline, including a 94% tumor response rate for investigational lung cancer therapy Jideytro. GSK also said Ris-Rez reduced the risk of death by 54% compared with standard chemotherapy in a separate study of patients with relapsed small cell lung cancer.
• Nvidia (NVDA) -3%: Shares fell after Anthropic CEO Dario Amodei called for slowing the pace of frontier AI development, with OpenAI CEO Sam Altman also supporting the need to more carefully pace progress. The comments raised questions about the trajectory of AI infrastructure demand and sparked broad selling across chipmakers and other companies tied to the AI buildout.
• AMD (AMD) -5%: Shares sank as the AI warning triggered a broad retreat from semiconductor stocks, with investors reassessing expectations for relentless growth in computing demand. AMD joined Nvidia and other major chipmakers in the selloff as concerns spread across the hardware side of the AI trade.
• Micron Technology (MU) -5%: Shares dropped as investors pulled back from memory and AI semiconductor names following calls for slower frontier-model development. The decline reflected broader concern that any meaningful slowdown in AI advancement could eventually temper demand for high-performance memory and data-center hardware.
• Marvell Technology (MRVL) -6%: Shares slid as networking and semiconductor stocks were hit particularly hard by the sudden shift in AI sentiment. Marvell’s exposure to data-center infrastructure left it vulnerable as investors reconsidered the pace of spending behind next-generation AI systems.
• CoreWeave (CRWV) -6%: Shares fell as concerns about slower AI development weighed on companies directly tied to supplying computing capacity to frontier AI labs. The cloud infrastructure provider has been a major beneficiary of soaring demand for GPUs, making the possibility of slower model development especially relevant to its growth outlook.
• Nebius (NBIS) -7%: Shares tumbled alongside other AI infrastructure stocks as investors questioned whether calls to slow frontier-model development could ultimately affect computing demand. The stock was among the hardest hit in a broad retreat spanning chips, networking equipment and AI cloud infrastructure.

AI Warning Shakes Wall Street’s Biggest Trade

AI stocks came under unusually broad pressure after Amodei argued that developers need to slow advances in increasingly capable models so safety measures have time to catch up. Altman subsequently agreed that the industry needs to more carefully pace frontier development, putting two of the leading AI companies behind a more cautious approach.

The comments struck directly at one of Wall Street’s central assumptions: that increasingly powerful models will require a relentless expansion of GPUs, memory, networking equipment and data-center capacity. Nvidia fell 3%, while several semiconductor and infrastructure names suffered even steeper declines.

Oil Near $107 Keeps Inflation Fears Alive

Technology wasn’t the market’s only problem. Brent crude traded near $107 per barrel after Saudi Arabia shut down a key pipeline as the Middle East conflict continued to disrupt energy supplies. Those energy pressures have complicated the Fed’s inflation fight just days before its September meeting. The 10-year Treasury yield briefly crossed 5% Monday for the first time since 2023, while the 30-year yield remained elevated near 5.4%.

Fed Decision In Focus

Wednesday’s Fed decision now represents the next major test for markets. Following Friday’s sticky inflation report and the continued surge in energy prices, traders are pricing roughly an 88% probability of another rate hike. That combination of higher rates and uncertainty surrounding AI growth is particularly uncomfortable for technology stocks. Elevated Treasury yields pressure valuations at the same time investors are reconsidering some of the aggressive growth assumptions underpinning the AI trade.

Looking Ahead

Wall Street enters the Fed meeting with two of its biggest recent concerns intensifying simultaneously: inflation and uncertainty around AI. Investors will be watching Wednesday’s decision for clues about whether another rate increase represents a one-off response to sticky prices or the beginning of a more sustained tightening cycle.

AI stocks face their own test. Monday’s selloff shows just how dependent valuations have become on expectations for rapid model development and infrastructure spending, making any further signals from the industry’s leading labs potentially significant for Nvidia and the broader semiconductor trade.

Tech stocks bounced back Friday as falling oil prices and enthusiasm around AI helped investors look past a hotter-than-expected core inflation reading.

The Nasdaq Composite rose more than 1%, while the broader technology sector also gained more than 1% after several difficult sessions for growth stocks. Nvidia and other megacap technology names joined the rebound as Brent crude retreated toward $104 per barrel, easing some of the inflation anxiety that sent Treasury yields sharply higher earlier this week.

Oracle’s AI Growth Gives Tech a Boost

Oracle was one of the biggest stories in technology after reporting fiscal first-quarter results that highlighted enormous demand for AI computing infrastructure. Revenue climbed 30% from a year earlier to $19.3 billion, while total cloud revenue surged 62% to $11.6 billion. Cloud infrastructure was the standout, soaring 121% to $7.4 billion as businesses continued scrambling for computing capacity to train and operate AI models.

Oracle’s backlog also reached $664 billion after the company booked more than $30 billion in new AI cloud contracts during the quarter. The company has now delivered more than 300,000 GPUs to AI cloud customers since the end of its previous quarter. The numbers provided some reassurance that massive AI infrastructure spending is translating into real demand. Still, concerns remain around the cost of that expansion, with Oracle continuing to spend aggressively on data centers while generating negative free cash flow.

Nvidia and Megacap Tech Join the Rebound

Strength extended beyond Oracle as Nvidia and several other members of the Magnificent Seven moved higher alongside the broader technology sector. The rebound is notable after AI-related stocks came under renewed pressure this summer as investors questioned whether soaring valuations had moved too far ahead of earnings growth. Oracle’s accelerating infrastructure business offered another data point supporting the argument that enterprise demand for AI computing remains strong.

Friday’s rally also showed how quickly sentiment toward growth stocks can improve when energy and bond-market pressures ease. After four consecutive losing sessions for the broader market, investors appeared willing to return to some of the technology names hit hardest by this week’s selloff.

Sticky Inflation Keeps Pressure on Growth Stocks

The macro backdrop remains less comfortable. August CPI rose 0.4% from July and 3.4% from a year earlier, while core prices increased 0.3% month over month, above expectations for a 0.2% gain. That hotter core reading pushed expectations for a Federal Reserve rate hike next week sharply higher. The two-year Treasury yield climbed toward 4.6%, reflecting growing confidence that policymakers will tighten monetary policy again.

Higher rates are particularly important for technology stocks because they reduce the present value investors place on future earnings. That creates a tug-of-war between improving AI fundamentals and a rate environment that could make expensive growth stocks harder to justify.

Falling Oil Gives Tech Some Breathing Room

Oil provided the market with some much-needed relief Friday. Brent crude fell roughly 3% to around $104 per barrel after approaching $110 overnight, while WTI slipped back below $100. The pullback helped ease fears that the Middle East energy shock would immediately accelerate inflation even further. But crude remains sharply higher for the month, and record U.S. diesel prices mean energy could continue feeding into transportation and business costs.

For technology investors, that makes oil an increasingly important part of the equation. A sustained retreat could take pressure off yields and valuations, while another surge could quickly revive the inflation trade that punished growth stocks earlier this week.

Looking Ahead

Tech stocks are ending the week on stronger footing, with Oracle’s booming AI infrastructure business reinforcing confidence that demand for computing power remains robust. Falling oil prices have also given growth stocks room to rebound after several sessions dominated by inflation and interest-rate fears. The Fed now becomes the next major test. AI fundamentals may remain strong, but with markets increasingly expecting another rate hike, technology stocks will have to prove they can keep climbing even as borrowing costs remain elevated. The battle between AI-driven earnings growth and tighter monetary policy is likely to remain one of the market’s defining themes heading into next week.

U.S. stocks rebounded sharply on Friday as investors looked past a sticky inflation report and welcomed a pullback in oil prices following four consecutive losing sessions. The Dow Jones Industrial Average climbed about 1.1%, while the S&P 500 gained roughly 1% and the Nasdaq Composite rose 1.1%, putting technology stocks slightly ahead of the broader market.

The rally came despite an August Consumer Price Index report that strengthened expectations for another Federal Reserve rate hike. Headline inflation matched forecasts, but firmer underlying price pressures pushed the market-implied probability of a quarter-point hike next week to nearly 90%, while Brent crude retreated after briefly reaching $108 per barrel Thursday.

Market Movers:

• ACV Auctions (ACVA) +44%: Shares skyrocketed after Copart agreed to acquire the digital vehicle auction platform for $10.50 per share in cash, valuing ACV at roughly $1.9 billion. The offer represents about a 45% premium to ACV’s unaffected August 10 closing price, with the transaction expected to close by the end of 2026.
• Copart (CPRT) +7%: Shares rallied alongside ACV after announcing the $1.9 billion acquisition, which Copart plans to finance with cash on hand. The company expects the transaction to be neutral to earnings in its first full year before becoming accretive beginning in fiscal 2028.
• Oracle (ORCL) +7%: Shares surged after fiscal first-quarter revenue jumped 30%, including a 62% increase in cloud revenue and a 121% surge in infrastructure sales. Remaining performance obligations soared by $209 billion to $664 billion as Oracle continued to benefit from massive demand for AI computing capacity.
• Kroger (KR) +4%: Shares rose after the grocery chain delivered better-than-expected fiscal second-quarter results, with operating profit increasing to $971 million from $863 million a year earlier. Kroger maintained its full-year adjusted EPS outlook but lowered its identical-sales growth forecast to a range of 0.2% to 0.8%.
• Zumiez (ZUMZ) -16%: Shares plunged after the retailer reported a wider quarterly loss as revenue fell 2.5% and comparable sales declined 2.1%. Zumiez also issued cautious third-quarter guidance and plans to close roughly 16 stores during fiscal 2026.
• Chewy (CHWY) -5%: Shares fell after JPMorgan downgraded the online pet retailer to Neutral from Overweight and lowered its price target to $24 from $29. The firm pointed to continued macroeconomic pressure and sluggish organic growth despite Chewy gaining market share and adding active customers.
• Exelixis (EXEL) -4%: Shares declined after the FDA extended its review of zanzalintinib by three months to March 3, 2027. The agency classified updated safety and efficacy information submitted by Exelixis as a major amendment, delaying a potential decision on the cancer treatment.
• Adobe (ADBE) -3%: Shares slipped despite fiscal third-quarter earnings and revenue beating expectations and the company raising its full-year outlook. Investors instead focused on fourth-quarter revenue guidance that came in slightly below Wall Street expectations at the midpoint.

CPI Keeps a September Rate Hike in Play

August inflation offered Wall Street a mixed picture. Consumer prices increased 0.4% from July and 3.4% from a year earlier, matching expectations, but the underlying monthly core reading came in hotter than anticipated. That was enough to strengthen expectations that the Fed will raise rates next week. Markets were pricing an approximately 87% to 90% probability of a quarter-point increase Friday, up dramatically from around 50% just one week earlier.

Oil Retreats, but Energy Inflation Remains a Threat

Oil provided stocks with some relief Friday after its relentless climb earlier in the week. Brent crude fell roughly 3% to around $104 per barrel after reaching $108 Thursday, helping ease some of the immediate pressure on equities and Treasury yields. But the inflation threat from energy has hardly disappeared. U.S. diesel prices reached a record $6.05 per gallon Friday, up from $5.32 a month ago and just $3.70 a year earlier, raising concerns about higher transportation costs eventually spreading throughout the economy.

Consumers Are Growing More Worried About Inflation

Friday also brought another warning sign from the University of Michigan’s consumer survey. Preliminary September sentiment dropped to 47.8 from 51.7 in August, missing expectations and marking a second consecutive monthly decline. More concerning for the Fed, one-year inflation expectations jumped to 4.6% from 4%, while longer-term expectations edged up to 3.4%. Rising fuel prices and trade tensions are increasingly shaping how consumers view the inflation outlook.

Looking Ahead

Friday’s rally shows investors were prepared for sticky inflation, but the market now faces a much clearer Fed risk. With rate-hike odds approaching 90%, attention shifts to next week’s policy decision and, crucially, what policymakers signal about the possibility of additional tightening. Oil remains another major wildcard. Friday’s retreat offered stocks some breathing room, but crude above $100 and record diesel prices could keep inflation elevated well beyond the September meeting, making the Fed’s path, and Wall Street’s, considerably more complicated.

U.S. wholesale inflation rose in August, adding to concerns that price pressures could push the Federal Reserve toward another interest rate hike next week. The Producer Price Index rose 0.4% from July, matching economists’ expectations but accelerating from the previous month. On an annual basis, producer prices jumped 5.4%, slightly above the 5.3% economists expected and up sharply from July’s revised reading.

The report wasn’t an outright inflation shock, but it did little to ease Wall Street’s concerns. With oil prices surging above $105 per barrel and the labor market showing renewed strength, investors are increasingly questioning whether the Fed can afford to leave rates unchanged.

Energy Costs Drive Wholesale Prices Higher

Energy was one of the biggest forces behind August’s increase. Producer energy prices jumped 4.2% during the month as escalating tensions in the Middle East pushed fuel costs higher. Diesel prices were particularly notable, soaring more than 24%. Gasoline, jet fuel and heating oil prices also increased, while food prices edged 0.1% higher.

The energy component is becoming an even bigger concern in September. Brent crude has since climbed above $105 per barrel as the U.S.-Iran conflict and disruptions around the Strait of Hormuz threaten global supplies, meaning businesses could face another round of higher transportation and production costs.

Core Inflation Offers Some Relief

The underlying details of the PPI report were somewhat more encouraging. Core producer prices, excluding volatile food and energy costs, increased 0.2% from July, slightly below economists’ expectations for a 0.3% gain. Core PPI was up 4.6% from a year earlier, matching forecasts but accelerating from July.

Services prices increased just 0.1%, while transportation and warehousing costs rose more sharply. That combination suggests much of August’s acceleration came from goods and energy rather than a broad surge across every category of wholesale inflation. Still, the annual numbers remain well above levels consistent with the Fed’s 2% inflation goal, keeping pressure on policymakers ahead of next week’s meeting.

Fed Rate-Hike Bets Keep Rising

The PPI report arrives at an unusually difficult moment for the Fed. August payrolls increased by 162,000, showing considerably more labor-market strength than economists anticipated, while energy prices have continued climbing. Markets have responded by steadily raising expectations for another rate hike. Traders were pricing roughly a 60% chance of a quarter-point increase earlier this week, with those odds climbing closer to 70% Thursday.

Treasury yields have moved higher alongside those expectations. The two-year yield, which is particularly sensitive to Fed policy, climbed toward 4.5%, while the 10-year Treasury approached 5%. The PPI report alone probably won't settle the debate. Friday’s Consumer Price Index will provide a much more important test of whether wholesale price pressures are beginning to reach consumers.

CPI Becomes the Deciding Inflation Test

Economists expect headline CPI to remain around 3.4% year over year, while core inflation is expected to moderate slightly. A reading near those expectations could leave policymakers with a difficult choice between still-elevated inflation and the risks of tightening further.

A hotter report would change the equation. With oil already surging and the labor market holding up, another upside inflation surprise could strengthen the argument that rates need to move higher to prevent price pressures from becoming entrenched. The opposite is also true. A meaningful cooling in core consumer inflation could give the Fed more justification to wait and see how the recent energy shock works its way through the economy.

Looking Ahead

August’s PPI report did not deliver the major inflation surprise markets feared, but it also provided little evidence that the Fed’s inflation fight is finished. Wholesale prices are rising faster than they were earlier this summer, energy costs are accelerating, and the economy continues to show resilience. That makes Friday’s CPI report the critical next step. If consumer inflation confirms the hotter trend appearing in producer prices, expectations for a September rate hike could strengthen further. A cooler reading, however, could give markets their first meaningful relief from a week dominated by rising oil prices, Treasury yields and renewed inflation fears.

U.S. stocks extended their losing streak on Thursday as another surge in oil prices and Treasury yields intensified concerns about inflation and interest rates. The Dow Jones Industrial Average fell about 0.6%, while the S&P 500 and Nasdaq Composite each dropped roughly 0.6%, putting all three major indexes on track for a fourth consecutive session of losses.

Brent crude climbed above $105 per barrel as renewed U.S.-Iran fighting fueled fears of prolonged disruptions through the Strait of Hormuz. The energy shock helped push the 10-year Treasury yield to 4.91%, its highest level since 2023, while traders raised the probability of a Federal Reserve rate hike next week to nearly 70%.

Market Movers:

• AeroVironment (AVAV) +11%: Shares jumped after the defense contractor reported record fiscal first-quarter revenue of $480.5 million, up 6% from a year ago, while adjusted EPS of $0.59 more than doubled expectations. Autonomous Systems revenue climbed 21%, led by a 71% surge in uncrewed aircraft systems sales, although the company maintained full-year guidance with midpoints below consensus.
• The Cooper Companies (COO) -14%: Shares tumbled after Cooper decided to retain CooperSurgical following a strategic review and cut its full-year revenue and earnings outlook. Fiscal third-quarter revenue also missed expectations, overshadowing an EPS beat and an increase in the company’s share repurchase authorization to $3 billion.
• American Eagle Outfitters (AEO) -14%: Shares plunged despite second-quarter sales rising 9.4% and profit climbing 34%, as investors looked past a nearly $200 million tariff refund that boosted the results. Comparable sales at the American Eagle brand fell 1%, while gross margin excluding the tariff benefit was pressured by promotions and higher supply-chain costs.
• Intel (INTC) -5%: Shares fell after Piper Sandler initiated coverage with a Neutral rating and a $110 price target, arguing that much of Intel’s turnaround progress is already reflected in its valuation. The firm acknowledged improvements in Intel’s manufacturing roadmap and foundry momentum but pointed to execution risks and continued data-center competition.

Oil Shock Keeps Building

Oil remained the biggest threat to markets Thursday as Brent crude pushed beyond $105 per barrel following renewed military action between the U.S. and Iran. Concerns about disruptions through the Strait of Hormuz have intensified as the conflict continues to threaten one of the world’s most important energy transit routes. The latest surge is raising fears that an energy shock could spill into broader inflation. President Trump said Wednesday that oil prices may remain elevated until after the midterm elections, while markets increasingly see persistent energy inflation as another reason the Fed could tighten monetary policy.

Treasury Yields Jump as Fed Bets Turn Hawkish

Bond yields climbed alongside oil, with the 10-year Treasury reaching 4.91% and the 30-year yield rising to 5.35%. The more policy-sensitive two-year yield jumped as much as 10 basis points to 4.53%. Markets are responding by rapidly increasing expectations for a Fed move. CME FedWatch showed the probability of a quarter-point rate hike approaching 69% Thursday, up from roughly 60% earlier in the week.

Inflation Data Takes Center Stage

Thursday’s Producer Price Index offered few signs of immediate relief. Wholesale prices rose 5.4% from a year earlier, while core PPI increased 4.6%, with both readings largely matching expectations. That puts even more attention on Friday’s Consumer Price Index. With oil above $105, Treasury yields at multiyear highs and August payrolls showing surprising strength, a hotter CPI reading could strengthen the case for another rate hike and extend the pressure on equities.

Oracle earnings after Thursday’s closing bell will provide another major test, particularly for technology stocks. Investors will be watching its results for clues about whether enormous AI infrastructure spending continues to translate into accelerating cloud demand.

Looking Ahead

Friday’s CPI report now represents the market’s biggest near-term catalyst. Softer inflation could cool Treasury yields and rate-hike expectations, but another strong reading could make a September increase increasingly difficult for the Fed to avoid. Oil remains the wildcard. As long as crude stays above $100 and disruptions in the Middle East threaten global supplies, investors may struggle to look past the risk that an energy-driven inflation resurgence keeps interest rates higher for longer.

Bitcoin (BTC) is struggling to reclaim $80,000 as rising Treasury yields, $100 oil and growing expectations for another Federal Reserve rate hike weigh on risk appetite. The crypto briefly fell as low as roughly $77,600 before recovering toward $79,000 Wednesday, leaving traders focused on whether its recent rally can survive another shift toward tighter monetary policy.

The pressure comes after August’s surprisingly strong jobs report pushed expectations for a September Fed hike sharply higher. Bitcoin has so far avoided a deeper breakdown, but with critical inflation data arriving before the Fed’s September 15-16 meeting, the next several sessions could determine whether the cryptocurrency breaks back above $80,000 or tests lower support.

Bitcoin Struggles to Break $80,000

Bitcoin has spent roughly two weeks repeatedly challenging the $80,000 level without establishing a sustained move above it. The cryptocurrency fell below $78,000 Tuesday before buyers stepped in, highlighting continued demand even as the broader macro backdrop deteriorates.

That leaves Bitcoin caught in a relatively tight range. Market participants are watching approximately $75,000 on the downside and $82,000 on the upside as important levels heading into the Fed meeting. Institutional demand is providing some support. Roughly $1 billion flowed into spot Bitcoin ETFs last week, while long-term holders have also shown signs of returning as buyers following Bitcoin’s strong August rally.

Higher Rates Become Bitcoin’s Biggest Headwind

The Fed has quickly returned to the center of the Bitcoin trade. Markets are pricing roughly a 60% probability of a quarter-point rate hike this month after the U.S. economy added 162,000 jobs in August, far exceeding expectations.

Higher rates can pressure Bitcoin by making Treasury securities and other yield-bearing assets more attractive while tightening overall financial conditions. Bitcoin’s growing integration with traditional financial markets also means changes in yields and monetary policy increasingly influence crypto alongside stocks. Wall Street has become more hawkish as well. UBS now expects quarter-point Fed hikes in September and December, while Barclays has also shifted toward expecting additional tightening.

$100 Oil Adds Another Inflation Problem

The surge in energy prices is making the Fed outlook even more complicated. Brent crude climbed above $100 Wednesday as escalating Middle East fighting intensified concerns about disruptions to global energy supplies.

Higher oil prices could keep inflation elevated even as other price pressures moderate. That matters for Bitcoin because persistent inflation could force the Fed to keep rates higher, or continue raising them, longer than markets previously expected. Treasury yields have consequently remained elevated, with the 10-year yield around 4.8%. Bitcoin’s ability to remain near $79,000 despite that environment suggests crypto investors have not abandoned the recent rally, but the pressure is building.

ETF Demand Helps Cushion the Downside

One major difference from earlier crypto downturns is the growing institutional presence in the market. Spot ETFs have created another source of demand, while corporate Bitcoin accumulation continues despite macro uncertainty.

Strategy recently resumed purchases after a roughly 10-week pause, acquiring another 4,603 Bitcoin for nearly $370 million and bringing its total holdings to more than 845,000 BTC. Other corporate treasury buyers have continued accumulating as well. That demand could help explain why Bitcoin has absorbed rising yields, geopolitical tensions, and increasingly hawkish Fed expectations without a more severe correction.

Inflation Data Could Decide the Next Move

The immediate question is whether inflation confirms the market’s renewed rate fears. Producer and consumer inflation reports are the final major data releases before the Fed makes its September decision. A hotter-than-expected reading could push rate-hike expectations higher and put Bitcoin’s recent support near $77,000 under pressure. Cooler inflation, however, could quickly reverse the trade by lowering Treasury yields and reducing expectations for further tightening.

Looking Ahead

Bitcoin enters the Fed’s September meeting in an unusually macro-driven position. ETF demand and corporate accumulation remain supportive, but the cryptocurrency is simultaneously confronting high Treasury yields, triple-digit oil, and the possibility of another rate hike. For now, the battle around $80,000 remains critical. A cooler inflation report could give Bitcoin the catalyst it needs to break higher, while persistent price pressures and a more hawkish Fed could turn the recent consolidation into a deeper pullback.

U.S. stocks fell on Wednesday as oil surged above $100 a barrel and Treasury yields jumped, renewing concerns about inflation and higher interest rates. The Dow Jones Industrial Average dropped about 0.6%, while the S&P 500 fell 0.4% and the Nasdaq Composite lost roughly 0.6% as investors extended Tuesday’s risk-off move.

Wall Street faced pressure from multiple directions as escalating U.S.-Iran tensions threatened energy supplies through the Strait of Hormuz and the 10-year Treasury yield climbed to 4.84%, its highest level since October 2023. Traders also continued to price in roughly a 60% chance of a quarter-point Fed rate hike this month as markets await fresh inflation data.

Market Movers:

• Signet Jewelers (SIG) +19%: Shares surged after Signet delivered strong fiscal second-quarter results, including 1.9% comparable-sales growth in North America and an 80-basis-point expansion in gross margin. The jeweler also raised its full-year earnings and operating-income outlook while announcing a $125 million accelerated share repurchase.
• Meta Platforms (META) +6%: Shares jumped after Meta unveiled Muse, an autonomous AI agent capable of completing multi-step web and mobile tasks, alongside new paid AI subscription tiers. Wall Street responded enthusiastically to the launch, with analysts pointing to the potential for a significant new AI product cycle at the company.
• Lithium Americas (LAC) +6%: Shares climbed after JPMorgan resumed coverage with an Overweight rating, citing an improving long-term lithium outlook and increased confidence in the Thacker Pass project. The firm set a $6 price target, implying roughly 100% upside from the stock’s previous close.
• Chime Financial (CHYM) +6%: Shares gained after Chime agreed to acquire longtime banking partner Stride Bank for $590 million in cash, with the company expecting more than $100 million in net synergies. Chime also raised its third-quarter and full-year revenue and adjusted EBITDA guidance, adding to investor enthusiasm around the deal.
• Mission Produce (AVO) +4%: Shares advanced after fiscal third-quarter sales jumped 26% as avocado volumes increased 38%, helping adjusted earnings beat expectations. Mission also raised its estimated annualized synergies from the Calavo acquisition to $30 million while maintaining its fourth-quarter adjusted EBITDA outlook.
• ServiceTitan (TTAN) -24%: Shares plunged despite better-than-expected quarterly earnings and 21% revenue growth as investors focused on a slightly soft third-quarter sales forecast. Full-year revenue guidance remained broadly in line with expectations, offering little upside for a stock facing a high bar from investors.
• Casey’s General Stores (CASY) -17%: Shares tumbled despite beating expectations for revenue, EBITDA and earnings as investors took profits following a rally of more than 40% this year. Analysts largely remained positive on the company’s sales trends and fuel margins, suggesting elevated valuation and expectations played a major role in the selloff.
• Chewy (CHWY) -6%: Shares fell after mixed quarterly results showed improving sales and margins but softer growth in spending per active customer and weaker free cash flow. Chewy raised its full-year sales outlook, but the stronger guidance failed to overcome concerns surrounding customer spending and liquidity.

Oil Tops $100 as Middle East Conflict Escalates

Brent crude climbed to around $101 per barrel Wednesday, while WTI reached roughly $96, after fighting between the U.S. and Iran intensified and the U.S. struck five Iranian oil tankers. Persistent disruptions around the Strait of Hormuz have raised concerns that the energy shock could last longer than markets initially anticipated.

The surge is especially troublesome for the Fed because higher energy costs threaten to keep inflation elevated just as the labor market shows renewed strength. Friday’s CPI report could now carry even more weight in determining whether policymakers raise rates this month.

Treasury Yields Jump to Multiyear Highs

Bond markets added another layer of pressure after Treasury Secretary Scott Bessent announced plans to triple the size of the government’s next buyback of 10- to 20-year securities to $6 billion. The market initially welcomed the announcement before reversing sharply. The 10-year Treasury yield climbed to 4.84%, while the 30-year reached 5.3%, increasing pressure on equity valuations — particularly in growth and technology stocks.

AI Spending Remains a Bright Spot

Despite the broader market weakness, AI investment continues to generate significant activity. U.S. convertible bond issuance has already reached a record $135 billion this year, with nearly half tied to the AI industry as companies seek additional capital to finance infrastructure expansion. Meta’s rally provided another reminder that investors remain willing to reward companies that can demonstrate new ways to monetize their enormous AI investments. That optimism, however, is increasingly competing with the pressure created by higher yields and tightening financial conditions.

Looking Ahead

Inflation remains the next major test for Wall Street, with Friday’s CPI report potentially determining the direction of both Treasury yields and Fed expectations. A hotter reading could strengthen the case for a September rate hike, while softer inflation could provide some relief after this week’s bond-market selloff. Oil may be the bigger wildcard. With Brent already above $100, further disruptions in the Middle East could intensify inflation fears and keep pressure on stocks even if underlying economic data begins to cool.