Wall Street Kicks Off With a Bang, Crypto Surges as GENIUS Act Nears Law!

Wall Street was buzzing with energy on Friday, July 18th, as stocks aimed to ride the wave of recent record highs from the S&P 500 and Nasdaq. The market was alive and kicking, ready to keep the momentum going!

Sure, the Dow Jones Industrial Average dipped by a mere 20 points, but who cares when the S&P 500 and Nasdaq were popping up by 0.2% and 0.3% respectively? The vibe was electric!

The S&P 500 kicked off the last trading day of the week with a bang, hitting fresh all-time highs. The Nasdaq was leading the charge in the previous session, and it's all thanks to killer quarterly earnings and some seriously good economic data. The risk assets were thriving, folks!

And guess what? Cryptocurrencies and crypto stocks were also feeling the love, soaring higher as stocks rallied. Investors were hyped after the U.S. House of Representatives passed the GENIUS Act. This baby's now headed straight to Trump's desk, ready to be signed into the first major crypto law in the U.S. Can you feel the excitement?

Bitcoin (BTC) was charging towards $120k, and Ethereum (ETH) smashed past the $3,600 mark. It's like a crypto party out here!

Investors Keep Eyes Peeled on Earnings, Tariffs, and Inflation

After the big banks flexed their muscles with solid revenue and earnings, Thursday brought us results from PepsiCo, United Airlines, and Netflix. The market was buzzing with energy, fueled by strong profits, retail sales, and jobless claims. It's like nothing can bring this market down!

But hold up, investors are still on high alert. The global trade and tariffs situation has put a slight damper on things, especially after President Donald Trump's announcements this week. And let's not forget the Federal Reserve and their interest rate games. Fed Chair Jerome Powell is still feeling the heat from Trump.

The Fed's been playing it cool, saying they'll keep rates steady at their last meeting, while the European Central Bank and other global players are making moves. Right now, traders are betting on a 56% chance of a Fed rate cut in September. It's like a high-stakes poker game!

According to the CME's FedWatch tool, the market's pretty much ruled out a rate cut in July, but Federal Reserve governor Christopher Waller's been dropping hints that a July move might still be on the table. Keep your eyes peeled!

And just when you thought things couldn't get more intense, the White House is accusing Fed Chair Powell of pulling a fast one on Congress about a $2.5 billion renovation of the Fed's headquarters. Trump says he's not planning to fire Powell, but he's not happy about the size of those renovations and thinks it might be enough to send Powell packing. It's like a real-life drama unfolding right before our eyes!