4:15pm: Crypto surge lifts tech stocks
The Nasdaq notched a new record close as investors looked past renewed tariff threats and focused on gains in energy, industrials, and crypto-linked stocks.
The Nasdaq led the way with a 0.3% gain, adding 55 points to finish at an all-time high of 20,640. The Dow Jones Industrial Average climbed 88 points, or 0.2%, to end at 44,460, while the S&P 500 added 9 points, or 0.1%, to close at 6,269. The small-cap Russell 2000 outperformed, rising 0.7% to 2,250.
Markets initially dipped following President Trump’s announcement of new tariffs on goods from the European Union, Mexico, and Canada, set to take effect August 1. However, expectations that negotiations could temper the final measures helped ease investor concerns and stabilize sentiment.
Gains in energy and industrial sectors, buoyed by rising oil prices and steady demand for industrial goods, helped support the major indexes. Commodity prices also played a role, with gold and oil climbing to three-week highs, lifting related equities across the board.
The rally in crypto-related stocks added further momentum, as bitcoin hit fresh all-time highs, benefiting companies with exposure to digital assets, including some Dow components.
Despite lingering uncertainty around trade policy and higher Treasury yields, investors remain optimistic about the strength of the U.S. economy and corporate earnings. With key bank earnings due later this week, markets appear poised to test new highs, buoyed by solid fundamentals and sector-specific tailwinds.
3:45pm: Proactive news headlines
- Thor Explorations Ltd delivered strong second-quarter production at its Segilola gold mine in Nigeria and is on track to meet annual guidance, with analysts highlighting upside potential from its forthcoming Douta PFS in Senegal.
- Graphene Manufacturing Group Ltd announced that the Australian patent for its graphene aluminum-ion battery has been granted, reinforcing its exclusive global commercialization rights via the University of Queensland.
- NanoViricides is nearing finalization of a Phase II adaptive trial design for its antiviral candidate NV-387 targeting MPox infections, with the initial portion set to take place in the Democratic Republic of Congo.
- Ocean Power Technologies Inc has achieved ISO 9001 certification for its quality management system, underscoring its commitment to high operational standards.
- Fineqia International Inc cross-listed its yield-bearing Bitcoin ETP, YBTC, on Euronext’s Amsterdam and Paris exchanges, expanding its European footprint after its initial launch in Vienna.
- Power Metallic Mines Inc completed the acquisition of 313 mineral claims from Li-FT Power, expanding its Nisk property in Quebec to over 212 square kilometers.
3:20pm: Stocks on the move
- Autodesk Inc (NASDAQ:ADSK) shares rose nearly 6% after the company confirmed it will not pursue a deal to acquire PTC Inc, choosing instead to focus on its own strategic priorities.
- Waters Corp (NYSE:WAT) announced a $17.5 billion Reverse Morris Trust transaction with BD Biosciences & Diagnostic Solutions to create a major player in the life sciences and diagnostics market.
- Graphene Manufacturing Group Ltd (TSX-V:GMG) secured an Australian patent for its graphene aluminium-ion battery, licensed exclusively from the University of Queensland.
- Metals One PLC (AIM:MET1) shares dropped 24% following a large warrant-related share issue, despite the company finalizing a deal to acquire Norway’s Lillefjellklumpen Project.
- NanoViricides (NYSE-A:NNVC) said it is nearing the final design of a Phase II adaptive trial in the DRC to evaluate its antiviral NV-387 against MPox infections.
- Ocean Power Technologies Inc (NYSE-A:OPTT) announced it has received ISO 9001 certification, highlighting its adherence to rigorous quality management standards.
2:50pm: US banks set to report
U.S. banks will be in the spotlight this week as major players report Q2 earnings, with investors watching for signals on trading revenues, loan loss provisions, and net interest income.
While trading revenues may shine thanks to market volatility, Bank of America could underperform due to pressure from high deposit rates and potentially declining revenues, according to some analysts.
JP Morgan is expected to lead the sector with strong trading gains and higher net interest income, while Citi may benefit from growth in its services unit. The broader banking sector, measured by the KBW index, remains in an uptrend after a 44% rally since April, making this earnings season a key driver for future stock performance.
1:45pm: Another crypto IPO
Crypto asset manager Grayscale said on Monday it has confidentially filed for a US initial public offering, as enthusiasm for digital assets gains momentum with Bitcoin surging to fresh record highs.
The firm submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission. Grayscale did not disclose the number of shares to be offered or the proposed price range.
Grayscale operates the Grayscale Bitcoin Trust, a spot bitcoin exchange-traded fund that allows investors to gain exposure to the cryptocurrency’s price movements without holding the asset directly. Founded in 2013, it launched the first publicly traded bitcoin and Ethereum investment funds and now manages more than $33 billion in assets across over three dozen products.
12:25pm: Muted trading
Global stocks got off to a quiet start this week, with markets in both Europe and the U.S. slipping on Monday.
Coinbase shares rose nearly 2% on Monday, as optimism around upcoming U.S. legislation boosted crypto markets. The House of Representatives is set to consider key bills this week—including the Clarity Act and the Anti-CBDC Surveillance State Act—that could expand bitcoin use and mark a turning point for digital currencies in the broader economy.
11:45am: Steady going
Markets remained steady despite a growing list of potential risks, including inflation data, earnings reports, tariff tensions, and ongoing speculation around Federal Reserve leadership.
“Investors have their work cut out for them this week – it was busy enough with inflation and earnings but now there are tariff developments to watch, plus the deepening melodrama over Jerome Powell and the Fed’s refurbishment work,” said IG's Chris Beauchamp.
Beauchamp noted the day's market action was “very calm… in a ‘calm before the storm’ moment,” as investors hold out hope for progress in U.S.-EU trade discussions.
11:25am: Kenvue gets new CEO
Kenvue (NYSE:KVUE) has announced a CEO transition and the launch of a strategic review process aimed at enhancing shareholder value and improving the long-term performance of the consumer health company.
Kirk Perry, a Kenvue director with more than 30 years of experience in the consumer goods and technology sectors, has been appointed interim CEO, effective immediately.
He replaces Thibaut Mongon, who has stepped down as CEO and from the company’s board of directors. The leadership change comes amid reported pressure from activist investors concerned with recent performance.
The company also said on Monday that its board of directors has initiated a comprehensive strategic review to evaluate a broad set of potential alternatives for the company’s operations and brand portfolio, which includes Neutrogena, Tylenol, Listerine, Johnson's Baby, Band-Aid, Aveeno, Zyrtec, and Nicorette.
10:30am: Week ahead
Wall Street heads into a pivotal week with second-quarter earnings season ramping up and key inflation data on deck. Major banks like JPMorgan, Bank of America, and Citigroup, along with high-profile names such as Johnson & Johnson and Netflix, are set to report results, giving investors a clearer view of corporate health amid lingering economic uncertainty.
At the same time, investors are bracing for volatility from economic data, especially Tuesday’s CPI and Wednesday’s PPI reports, which could influence the Federal Reserve’s next moves.
“This is a data heavy week, and US CPI is going to be worth watching,” said XTB’s Kathleen Brooks, who expects only modest inflation pass-through from tariffs.
The Fed will have a chance to respond publicly, with several policymakers scheduled to speak after the CPI release. Markets are also reacting to renewed tariff threats from President Trump, who warned of a 30% tariff on the European Union starting August 1.
9.55am: Early trading mixed
Wall Street started in the red but many losses have quickly been cut or reversed.
The Dow Jones is up 0.1% now, while the S&P 500 is down 0.1% and the Nasdaq Composite is down almost 0.2%.
Tech mega caps Nvidia, Microsoft and Apple are all in the red, down 1%, 0.2% and 0.8%. Tesla is up 1%, Alphabet 0.6% and Meta 0.5%.
Lifting the Dow, Boeing and Salesforce are up 1.9% and 0.8%.
8.15am: US stock futures down slightly
US stocks are expected to remain on the back foot at the start of the week, though Bitcoin was a ray of positivity as further highs were reached.
S&P 500 futures and those for the Dow Jones, Nasdaq 100 and Russell were all down 0.3%.
Wall Street finished last week in retreat also, with the Dow down 0.6%, the S&P falling 0.3% and the Nasdaq Composite slipping 0.2%.
The small and mid-cap Russell 2000, which is felt to be more reflective of the US domestic economy, dropped 1.3%.
Over the weekend, Donald Trump sent tariff letters notifying the European Union and Mexico of 30% levies, following the 35% tax announced for Canadian imports last week.
This is higher than the original 'reciprocal' tariff rate announced in April of 20% and the 10% that the EU seemed to be expecting, though the small losses priced in by futures suggested thinking that there will be another case of the TACO trade.
Mainland European stocks were mostly in the red, with the Euro Stoxx 600 down 0.3% and the German and French benchmarks falling 0.8% and 0.4%, with losses in Germany led by pharma and auto stocks.
"Donald Trump has once again done his best to dampen market sentiment," said market analyst Josh Mahoney at Rostro.
"We now have less than three weeks until the 1 August deadline comes into play, and the EU are already warning of a prospective 21 billion euros worth of goods that they would target in return.
"Nonetheless, there is a clear desire to strike a deal, even if that means keeping the 10% tariff and seeking concessions on the sector specific taxes on the likes of the auto sector."
Bitcoin started the week surging to a new all-time high just under $123,000, after breaking through various milestones in the past week.
The largest cryptocurrency was up 3.1% over 24 hours and has flown 12.1% higher over the past week, with three pieces of crypto legisation put up by the Trump administration being debated in Washington DC in what many Republicans are calling "crypto week".
Silver prices also popped higher to above $39 for the first time since 2011.
"Notably, the rise in US debt coupled with higher stimulative spending does provide the basis for a more optimistic outlook for silver given its industrial use cases," said Mahoney.