US Stocks Hang Near Their Record as Bitcoin Surges/ Newslookls/ WASHINGTON/ J. Mansour/ Morning Edition/ U.S. stocks held near record levels Wednesday as Wall Street paused after a two-day rally fueled by easing geopolitical tensions. Stabilized oil prices and rising Bitcoin values buoyed markets. Mixed earnings and cautious Fed commentary shaped investor sentiment.
Quick Look
- U.S. indexes remained near record highs Wednesday after a rally driven by stabilization in oil prices amid a fragile Israel‑Iran ceasefire.
- The S&P 500 crept higher (+0.2%), the Nasdaq rose (+0.6%), and the Dow was flat as markets absorbed mixed earnings reports.
- Bitcoin‑related stocks led gainers, offsetting weakness in FedEx and General Mills. Treasury yields held steady.
US Stocks Hang Near Their Record as Bitcoin Surges
Deep Look
U.S. stocks held steady on Wednesday, hovering just below all‑time highs after strong gains over the previous two days. Optimism over a ceasefire between Israel and Iran calmed fears about oil supply disruptions, helping stabilize crude prices.
Benchmark U.S. crude traded around $64.81 per barrel—up slightly but still below pre‑conflict levels.
On the equity front, the S&P 500 rose 0.2%, placing it just 0.7% shy of its record. The Nasdaq posted a 0.6% gain, while the Dow Jones Industrial Average remained flat as of 9:35 a.m. ET.
Sector movers:
- Cryptocurrency-linked stocks led gains, fueled by bitcoin’s ascent past $107,000. Coinbase climbed 7%, and Robinhood rose 4%.
- FedEx plunged 5.3%, despite beating profit expectations; weak forward guidance weighed heavily.
- General Mills declined 2.8%, citing weaker revenue and projecting a 10–15% dip in fiscal‑year profit.
- Treasury yields remained stable; the 10‑year yield ticked up to 4.32%. Investors paused for the Fed’s tone shift.
Fed watch:
Central bank Chair Jerome Powell signaled caution, stating the Fed would wait to assess the impact of Trump-era tariffs before cutting rates. Powell will testify before the Senate later today—his remarks expected to influence markets.
Global context:
Markets in Asia were buoyant, with Hong Kong and Shanghai indexes rising 1–1.2%. European markets, in contrast, showed modest declines amid ongoing uncertainty in global trade dynamics.
“The world can now move on to face other difficult choices like tariffs and things like that,” said Frances Lun, CEO of GEO Securities in Hong Kong. “So I think the market is well on its way to rebound and could again reach new levels.”
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