Chip stocks and bitcoin rallied together Monday as markets leaned into Thursday's Trump-Xi summit and oil eased for a fourth straight session. AMD crossed a $1 trillion market cap and bitcoin touched an eight-month high near $86,000, even as European indices fell.
US equity futures firmed Monday as investors looked past last week's Fed-hike hangover toward Thursday's Trump-Xi summit in Washington, while a weekend Houthi attack on Saudi Arabia kept Middle East oil-supply risk in view.
Bitcoin's biggest single-day pop of the week came in one hour at the US cash-equity open, after the CFTC sent two proposed crypto-market rules to the White House. Wall Street was mixed and Europe closed lower on quadruple witching.
Crypto's rebound stretched into a third session, with bitcoin near $77,500 and Solana up nearly 4%, as US futures firmed ahead of Friday's quarterly index rebalance.
Equities extended their post-Fed-hike recovery through the full Thursday session, with chipmakers up 3% and Treasury yields easing off a 2007 high. Crypto drifted higher in sympathy, led by Solana, while bitcoin held a steady range near $76,600.
Wall Street futures and crypto both steadied Thursday morning after Wednesday's Fed-driven selloff, with bitcoin holding just above $76,000 and US index futures pointing to a modest bounce.
The Fed delivered its first rate hike since 2023, and risk assets briefly rallied on the widely-expected move — before Chair Kevin Warsh's hawkish press conference and an updated dot plot erased the gains.
Crypto stabilized overnight after Tuesday's CLARITY Act-driven selloff, and Wall Street heads into Wednesday's FOMC decision — the first under new Fed Chair Kevin Warsh — with a 25-basis-point hike already priced in at roughly 91% odds.
A failed Senate cloture vote on the CLARITY Act erased Monday's regulatory-optimism rally, with XRP the hardest hit. Stocks, oil and gold all moved on the same oil-and-yields backdrop ahead of Wednesday's FOMC decision.
Bitcoin fell back below $78,000 overnight as oil topped $108 a barrel and the 10-year Treasury yield briefly broke 5% for the first time since 2023, unwinding much of Monday's crypto rally ahead of a pivotal day for both Washington and the Fed.