Daily Market Roundup

North America News

U.S. Stocks Close Higher; S&P 500 and Dow Hit Records, Nasdaq Nears All-Time High

Major U.S. stock indices ended Thursday higher, with the S&P 500 and Dow Jones Industrial Average both closing at record highs. The Nasdaq Composite also advanced, finishing just 8 points below its all-time closing peak of 21,713.

Closing levels:

• Dow Jones Industrial Average: +71.67 points (+0.16%) to 45,636.90
• S&P 500: +20.46 points (+0.32%) to 6,501.86
• Nasdaq Composite: +115.02 points (+0.53%) to 21,705.16

The Nasdaq’s strength came despite Nvidia shares slipping 0.81% following yesterday’s earnings release.

With one session left in August—and ahead of a three-day U.S. holiday weekend—the major indices are all set to finish the month higher, led by the Dow.

Month-to-date gains (August):

• Dow: +3.41%
• S&P 500: +2.56%
• Nasdaq: +2.76%

“Magnificent 7” August performance:

• Tesla: +12.23%
• Google: +10.29%
• Apple: +2.76%
• Nvidia: +1.26%
• Amazon: -1.07%
• Meta: -2.89%
• Microsoft: -4.47%

Tesla was the standout, while Microsoft, Meta, and Amazon posted declines.

U.S. Treasury Sells $44 Billion in 7-Year Notes at 3.925% High Yield

The U.S. Treasury auctioned $44 billion in 7-year notes Thursday, producing a high yield of 3.925%, nearly in line with the 3.922% when-issued (WI) level.

Auction results:

• Tail: 0.3 bps vs six-month average of -0.9 bps (a weaker outcome).
• Bid-to-cover ratio: 2.49x vs six-month average 2.62x.
• Direct bidders: 12.8% vs 24.3% average.
• Indirect bidders: 77.45% vs 66.2% average.
• Dealers: 9.8% vs 9.5% average.

The results reflected disappointing domestic demand, with directs well below trend, but robust international participation offsetting the slack. Dealers absorbed roughly their average share.

U.S. Pending Home Sales Fall Again in July

Pending home sales slipped -0.4% m/m in July, worse than the -0.1% forecast.

Details:

• Prior: -0.8%.
• Pending home sales index: 71.7 (prior 72.0).
• y/y change: +0.7%.

Regional breakdown:

• Northeast: -0.6%.
• West: +3.7%.
• Midwest: -4%.
• South: -0.1%.

NAR’s REALTORS® survey:

• 16% expect higher buyer traffic (unchanged from a year ago).
• 21% expect more seller traffic (vs 17% in July 2024).

Redfin data: 15% of contracts are being canceled, the highest level on record.

National Association of Realtor chief economist Lawrence Yun commented:

• Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant.
• Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision home buyers make quickly. Instead, people take their time to ensure the timing and home are right for them.
• Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract.
• The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible home buyers in the upcoming months.

U.S. Jobless Claims Edge Lower

Initial jobless claims came in at 229K (expected 230K), while continuing claims were 1.954M (expected 1.97M).

Revisions:

• Prior initial claims revised from 235K to 234K.
• Continuing claims from 1.972M to 1.961M.

The data points to ongoing resilience in the labor market. Focus now shifts to upcoming employment indicators: ISM PMI employment components, ADP payrolls, and Friday’s NFP.

U.S. Q2 GDP Revised Up to 3.3%

The second estimate of U.S. GDP showed 3.3% annualized growth in Q2, stronger than the 3.1% estimate and above the 3.0% advance reading.

Breakdown:

• Consumer spending: +1.6% (vs 1.4% prior).
• Sales: +6.8% (vs 6.3%).
• GDP deflator: 2.0% (unchanged).
• Core PCE: 2.5% (in line with prior).
• PCE ex food/energy/housing: 2.2%.
• PCE services ex energy/housing: 2.1%.

Component contributions:

• Consumer spending +1.07%.
• Investment -2.70%.
• Government -0.03%.
• Net trade +4.95%.

Quarterly comparison:

• In Q1, imports subtracted -4.66% from GDP. In Q2, imports added +5.09%.
• Inventories shifted from +2.59% in Q1 to -3.29% in Q2.

Tariffs visibly affected component swings between the two quarters.

Fed’s Cook Blames “Clerical Error” in Mortgage Dispute; Court Hearing Friday

Bloomberg reports that lawyers for Fed Governor Lisa Cook suggested an unintentional clerical error may have been behind the mortgage dispute at the center of President Trump’s attempt to remove her from the Federal Reserve Board.

Earlier today, Cook filed a lawsuit challenging Trump’s dismissal attempt, arguing it lacked legal cause.

A judge has set a hearing for Friday at 10 AM to review the case.

Fed Governor Cook Files Suit Against Trump

Fed Governor Lisa Cook has filed a lawsuit challenging President Trump’s attempt to remove her “for cause” from the Federal Reserve Board.

• The lawsuit argues that policy disagreements do not constitute legal grounds for removal.
• Reports suggest the administration is looking to expand its influence by leveraging regional Fed bank appointments.
• Trump already has three Board appointees after Kugler’s resignation and could secure a majority (5 of 7 seats) if Cook is replaced.

The court case will decide whether Cook is granted a stay or whether the President’s dismissal powers stand. The outcome could reshape Fed governance.

BofA Sees Market Dip as Opportunity Amid Nvidia and Stagflation Risks

Bank of America said investors may want to use any autumn pullback in equities as a buying opportunity, even as volatility looks set to rise.

Context:

• The VIX recently hit year-to-date lows after Jerome Powell’s dovish Jackson Hole comments.
• But with markets near highs, political risks, Fed independence concerns, and an AI bubble warning, volatility is likely to return.

Risks identified:

• Nvidia’s upcoming earnings,
• Potential stagflationary data constraining Fed easing.

Still, BofA said pullbacks are typical in asset bubbles and noted that strong dip-buying activity should cushion declines. Supportive stances from both Powell and Trump were cited as stabilizing factors.

Nvidia Pushes Back Against U.S. Plans to Claim Revenue Share

Nvidia has issued a warning that it may take legal action if the U.S. government seeks a percentage of its revenue from H20 chip sales.

Key points from Nvidia’s call:

• U.S. officials have floated the idea of taking 15% of revenue from licensed H20 sales, but no official regulation has been published.
• Nvidia argued such demands could lead to litigation.
• If geopolitical issues were resolved, Nvidia estimated potential Q3 revenue from H20 shipments could reach between $2 billion and $5 billion.
• Looking ahead, Nvidia projected $3–$4 trillion in AI infrastructure spending by the end of the decade, calling it the beginning of a new industrial revolution with massive growth potential.

Nvidia Stock Slips on Cautious Guidance

Nvidia shares dropped 3.2% in after-hours trade after issuing cautious guidance that excluded China sales.

Earnings highlights:

• Q3 revenue forecast at $54 billion (±2%), just above consensus of $53.1 billion.
• Q2 data center sales of $41 billion narrowly missed expectations.
• China revenue excluded due to regulatory risk, though licensed shipments could add $2–$5 billion if conditions improve.

CEO Jensen Huang said U.S. approval to resume sales is expected, but no rules are finalized, and Beijing’s response is uncertain.

Longer-term, Nvidia sees AI demand staying strong:

• CFO Kress highlighted $20 billion in “sovereign AI” initiatives this year.
• AI infrastructure investment could hit $4 trillion by decade’s end.

Mexico Set to Raise Tariffs on Chinese Imports

Mexico is preparing to impose higher tariffs on goods from China as part of its 2026 budget plan, according to Bloomberg.

Details:

• The tariff hikes are expected to apply to industries such as automobiles, textiles, and plastics.
• The move is aligned with requests from Donald Trump and aims to shield domestic manufacturers from lower-cost Chinese competition.

Commodities News

Gold Rallies Above $3,400 as Fed Independence Concerns Drive Safe-Haven Demand

Gold surged to a five-week high of $3,413 per ounce on Thursday, gaining 0.43%, as falling U.S. Treasury yields and a softer dollar bolstered demand for safe-haven assets.

The move came despite upbeat U.S. economic data: second-quarter GDP growth was revised higher, and weekly jobless claims fell, pointing to resilience in the economy. Traders, however, focused on risks to Federal Reserve independence after Governor Lisa Cook sued President Trump over his attempt to remove her, citing alleged mortgage fraud.

Bloomberg described the case as a “historic fight” for the central bank’s autonomy, reinforcing safe-haven flows into gold.

Looking ahead, investors will watch Friday’s release of the Fed’s preferred inflation measure, the core PCE Price Index, expected to rise from 2.8% to 2.9% year-over-year for July.

WTI Crude Oil Settles at $64.60 After Holding Key Support

WTI crude oil futures settled $64.60 per barrel, up $0.45 (+0.70%) on Thursday.

Price action:

• Session high: $64.70.
• Session low: $63.35.
• Sellers briefly pushed prices below the 100-hour MA ($63.85), but support held above the 200-hour MA ($63.33).

Outlook:

A clean break above would expose Monday’s high at $65.10, a pivotal resistance for bulls.

Rebound now targets the 38.2% retracement of the July 30 decline at $64.91.

That level coincides with a key swing zone between $63.85 and $65.27.

Silver Climbs Toward $39.00 as Fed Cut Bets Rise

Silver advanced above $38.80 per ounce on Thursday as expectations for a Fed rate cut gained traction.

Market pricing:

• CME FedWatch tool shows an 88% chance of a 25bps cut in September, up from 82% last week.
• New York Fed’s John Williams said rates are likely to come down but data will guide September’s call.

Other drivers:

• Industrial demand is providing an extra lift. China installed 93 GW of solar capacity in May, up 300% y/y, and its H1 solar cell exports rose 70%, largely to India. Silver remains crucial in photovoltaic manufacturing.

Gold Technical Outlook – All Eyes on U.S. Jobs Data

Gold prices are climbing as real yields fall, extending the uptrend that followed Powell’s dovish comments last Friday. Inflation expectations have risen while Treasury yields stayed flat, driving real yields lower and lifting demand for gold.

The market’s attention now shifts to U.S. labor market data, culminating in the non-farm payrolls report next Friday.

• Stronger numbers: would raise the chances of a September rate cut to a 50/50 probability but would also push investors to reprice the longer-term outlook more hawkishly, pressuring gold.
• Weaker data: would reinforce dovish bets, with traders likely pricing in a third rate cut this year, adding fuel to gold’s rally.

Big picture: Fed easing should keep gold supported in an uptrend as real yields drift lower. Near-term: any hawkish repricing could still trigger pullbacks.

Daily chart: Gold is edging toward the 3,438 resistance level. Sellers may defend this level, aiming for a move back toward 3,245 support. A breakout higher would open the path to the 3,500 target.

4-hour chart: A minor rising trendline is holding bullish momentum. Buyers will likely keep leaning on it, while a break below would give sellers room to target 3,350.

1-hour chart: Setup remains unchanged — buyers are defending trendline support, while sellers wait for a confirmed break lower toward 3,350.

White House Signals Tariff Incentives for India if Russian Oil Purchases Halted

Trump adviser Navarro suggested that India could secure a 25% tariff cut if it halts imports of Russian oil. He stressed that Washington must prevent both India and China from continuing to buy energy supplies from Russia.

Europe News

European Stocks End Mixed as DAX and FTSE Slip

Major European indices closed Thursday’s session mixed:

• Germany’s DAX: -0.03%
• France’s CAC 40: +0.24%
• UK’s FTSE 100: -0.42%
• Spain’s Ibex 35: +0.34%
• Italy’s FTSE MIB: +0.23%

The session saw modest strength in southern Europe while London and Frankfurt lagged, leaving the region without a unified direction.

Eurozone July M3 Money Supply Growth Steady

Eurozone broad money supply rose +3.4% y/y in July, just shy of the +3.5% forecast.

• Prior reading: +3.3%.
• Three-month average through July: 3.5%.

With the ECB pausing policy changes, M3 growth is expected to show more muted trends going forward.

Eurozone August Final Confidence Indicators

The European Commission reported final August readings:

• Consumer confidence: -15.5 (unchanged from prelim; prior -14.7).
• Economic confidence: 95.2 (expected 96.0; prior 95.8, revised to 95.7).
• Industrial confidence: -10.3 (expected -10.0; prior -10.4, revised to -10.5).
• Services confidence: 3.6 (expected 3.9; prior 4.1).

Sentiment slipped across services and industry. While the eurozone economy is holding up into Q3, Trump’s tariff measures remain a key risk heading into Q4.

ECB Accounts: Keeping Rates Steady Buys Time

The ECB’s July 24 meeting accounts highlighted:

• No urgency to adjust rates at that meeting.
• Holding rates allows time to evaluate trade talks and their implications for policy.
• Transmission of monetary policy is working, though credit growth remains sluggish.

Some members flagged upside risks relative to June projections, noting the economy is proving more resilient than expected and that inflation undershooting is becoming less likely.

Overall, the Governing Council emphasized the importance of maintaining optionality amid high uncertainty, using neutral communication while avoiding signals about future policy moves.

Italy August Business and Consumer Confidence

Istat data for August showed:

• Business confidence: 87.4 (expected 87.2; prior 87.8).
• Consumer confidence: 96.2 (expected 96.6; prior 97.2).

The release was broadly neutral and unlikely to move markets unless confidence shows a much sharper surprise.

UK Services Struggle as Confidence Falls in August

The Confederation of British Industry (CBI) reported another decline in confidence among UK services firms in August.

Findings:

• Firms are grappling with high costs and sluggish demand, hurting profits, hiring, and investment.
• While the decline was less sharp than in May, optimism remains far below last year’s levels.
• Companies have slowed price increases, leaving the Bank of England cautious about persistent inflation.

Policy backdrop:

• CBI urged the government to avoid new taxes and reconsider planned labor regulations that could raise business costs.
• Finance Minister Rachel Reeves, however, is expected to push forward with tax hikes in the autumn budget.

Outlook:

• Firms expect subdued activity over the next three months, though the pace of contraction may ease. Cost pressures should moderate somewhat but remain historically high.

Switzerland Q2 GDP Matches Forecasts

Swiss GDP rose by 0.1% q/q in Q2, exactly in line with expectations. Year-on-year growth was +1.2%, slightly below the +1.4% forecast.

Revisions:

• Q1 GDP adjusted from +0.5% to +0.4%.
• Q1 y/y growth revised from +2.0% to +1.8%.

The Federal Statistical Office noted that sporting-event adjusted GDP also increased 0.1% in Q2, after a 0.7% rise in Q1. Overall, growth was marginal but steady. However, Trump’s 39% tariffs loom as a potential drag on future quarters.

EU Pres.von der Leyen: Putin must come to the negotiating table

• Massive strike on Kyiv hit the EU offices

• Putin must come to the negotiating table
• We must secure a just and lasting peace for Ukraine with firm and credible security guarantees that will turn the country into a steel porcupine.
• The EU will fully play its part.

ECB’s Rehn: Euro area growth has proven more resilient than expected

• Remarks by ECB policymaker, Olli Rehn

• Inflation is slowing to below 2% target
• Inflation being at its 2% target is linked to ECB’s independent decision-making
• We’re keeping a close eye on the economy and stand ready to act if needed
• Trump pressure on Fed’s independence could have substantial global effects on financial markets, real economy
• But I consider a rapid, significant weakening of dollar dominance to be unlikely

UBS: Swiss Franc Strength to Persist Despite Possible SNB Rate Cuts

UBS Global Wealth Management believes the Swiss franc will remain strong even if the Swiss National Bank reduces rates back into negative territory.

Key reasoning:

• The franc’s role as a premier safe-haven currency outweighs rate-driven pressures.
• UBS argued such policy shifts would only come under severe conditions like worsening global growth or narrowing interest-rate spreads with the ECB.
• For now, risk aversion is expected to keep the franc firm against the euro.

Asia-Pacific & World News

Nvidia Engages Trump Administration on China Chip Policy

Nvidia shares traded slightly lower on Thursday, a day after earnings, as CEO Jensen Huang confirmed the company has begun discussions with the Trump administration regarding potential sales of its Blackwell AI chips to China.

Huang noted the talks are at an early stage and likely to take time before any clarity emerges.

China Confirms Trade Negotiator Visit to Washington

China’s Commerce Ministry confirmed that Li Chenggang, the country’s top trade negotiator, will visit the U.S. this week with a delegation.

Reports indicate:

• Li will meet deputy-level U.S. officials, but the sessions are not classified as formal negotiations.
• He is not expected to meet U.S. Trade Representative Greer.
• Sources stressed the trip was not requested by Washington, reflecting China’s limited enthusiasm.

China and Canada Hold Constructive Trade Talks

China’s chief negotiator Li Chenggang co-chaired the latest China–Canada Joint Economic and Trade Committee meeting in Ottawa.

The two sides described the discussions as “frank, pragmatic, and constructive,” covering paths to strengthen bilateral ties. Both countries agreed to maintain follow-up communication, with China signaling readiness to manage differences through practical cooperation.

Nvidia CEO: China Market Worth $50 Billion This Year

Nvidia CEO Jensen Huang emphasized the importance of China to the company’s outlook, calling it a $50 billion opportunity in 2025.

Highlights from Huang’s remarks:

• Market growth could run at 50% annually, making China critical to Nvidia’s trajectory.
• China is the second-largest computing market and home to half the world’s AI researchers, with many top open-source AI models originating there.
• Huang stressed the necessity of U.S. tech firms maintaining strong ties with China, despite political frictions.

On cloud computing:

• Huang noted Nvidia’s energy efficiency advantage, saying, “In power-constrained data centers, performance per watt translates directly into revenue.”

China Moves to Triple AI Chip Production

China is planning a major ramp-up in AI chip production, according to the Financial Times.

Details:

• Output is expected to triple by next year.
• One fab dedicated to Huawei processors is due to begin operations before year-end.
• Two more fabrication plants are scheduled to start production next year.
• Sources for the FT report were unnamed but familiar with the plans.

PBOC sets USD/ CNY central rate at 7.1063 (vs. estimate at 7.1479)

• PBOC CNY reference rate setting for the trading session ahead.

PBOC injected 416.1bn yuan via 7-day reverse repos at 1.40%

• 253bn yuan mature today
• net 163.1bn yuan injection

Australian Q2 Capex Growth Misses Expectations

Australia’s private capital expenditure for Q2 2025 rose just 0.2% q/q, below the 0.7% forecast.

Breakdown:

• Building investment +0.2% q/q (prior +0.9%).
• Plant & machinery investment +0.3% q/q (prior -1.3%).
• Estimate 3 for 2025–26 came in at $174.8 billion, 12% higher than Estimate 2.

New Zealand Business Confidence Improves in August

The ANZ Business Survey showed business confidence rising to 49.7% in August from 47.8% in July.

Details:

• 49.7% of firms expect the economy to improve over the next year, up from July’s 47.8%.
• Own business outlook slipped to 38.7%, down from 40.6%.
• ANZ said easing inflation indicators are helping sentiment, though it’s too soon to judge the impact of recent policy changes.

Japan’s 2-Year Bond Auction Sees Weakest Demand Since 2009

The latest auction of Japan’s two-year government bonds showed the weakest demand in more than 15 years. The bid-to-cover ratio sank to its lowest point since 2009, highlighting investors’ reduced appetite for short-term JGBs.

The auction also produced the widest tail spread since 2023, reinforcing the notion that investor sentiment toward these bonds remains fragile.

7-Eleven Parent Weighs $13 Billion Global Expansion

Seven & I Holdings, the parent company of 7-Eleven, is considering a major overseas expansion, according to Nikkei.

Plans under review:

• Roughly 2 trillion yen ($13.6 billion) in investment from the current fiscal year through 2030.
• Specifics on the allocation of funds are still being determined, CEO Dacus noted.

Japan Trade Negotiator Cancels U.S. Visit

Japan’s chief tariff negotiator, Akazawa, canceled his planned U.S. trip, according to Kyodo.

Chief Cabinet Secretary Hayashi explained that further domestic discussions were needed before talks with Washington could continue.

BOJ’s Nakagawa Flags High Uncertainty Around Tariffs

Bank of Japan board member Nakagawa warned that the economic impact of trade policies remains difficult to predict.

Key points:

• If the BOJ’s outlook holds, policy rates will continue to rise.
• Uncertainties around tariffs could weigh on global and domestic sentiment.
• Firms may focus more on cost-cutting than passing price increases to wages, which could weaken wage growth.
• September’s Tankan survey will be a key gauge of how trade frictions are affecting business behavior.

Nakagawa added that while Japan’s economy is recovering moderately, risks remain elevated, requiring careful policy decisions.

Bank of Korea Keeps Rates at 2.5%

The Bank of Korea left its policy rate unchanged at 2.5%.

Projections:

• 2025 GDP growth forecast at 0.9%.
• 2026 GDP growth seen at 1.6%.
• 2025 inflation expected at 2.0% (up from 1.9%).
• 2026 inflation forecast at 1.9% (previously 1.8%).

Crypto Market Pulse

Chainlink Surges After Commerce Department Blockchain Partnership

Chainlink (LINK) rose nearly 4% to $24.70 on Thursday after announcing a landmark partnership with the U.S. Department of Commerce (DOC) to bring official economic data on-chain.

Key details:

• Chainlink integrated six economic indicators, including GDP, PCE, and real final sales, across 10 blockchains such as Ethereum, Avalanche, Solana, Polygon, and Optimism.
• The DOC confirmed it published the official hash of Q2 GDP data on Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism. Coinbase, Gemini, and Kraken assisted in the rollout.
• Commerce Secretary Howard Lutnick called it a historic move: “We are making America’s economic truth immutable and globally accessible, cementing our role as the blockchain capital of the world.”

Chainlink emphasized potential applications, including automated trading strategies, tokenized asset innovation, and real-time prediction markets.

Technically, LINK is holding an ascending trendline support at $24.70. If buyers clear resistance at $27.40, analysts see scope for a rally toward $30.80.

Separately, real estate manager Caliber (CWD) has approved a treasury strategy that includes acquiring LINK.

XRP Holds $3.00 as On-Chain Metrics Support Bullish Case

Ripple’s XRP is consolidating above $3.00 on Thursday, supported by both technical and on-chain signals pointing to a potential breakout.

Market structure:

• XRP trades above the 50-period EMA, reinforcing near-term bullish control.
• The futures weighted funding rate rose to 0.0090% from 0.0018% earlier this week, showing a strong tilt toward leveraged long positions.

On-chain data:

• Spent Output Profit Ratio (SOPR) > 1 → supply is in profit, but holders are not selling aggressively.
• Net Unrealized Profit/Loss (NUPL) edging toward 0.50 → suggests market is bottoming.

The setup signals improving sentiment. If $3.00 support continues to hold, XRP could be primed for a short-term bullish breakout.

Pi Network Rises 3% on Linux Node Release, Stellar Upgrade News

Pi Network (PI) gained over 3% Thursday, extending its rebound within a falling channel pattern, as developers announced major infrastructure updates.

Key drivers:

• The Pi Node desktop software is now available on Linux, in addition to Windows and macOS. Testnet launches are planned before a mainnet release in coming weeks.
• The release includes embedded KYC authority, keeping the blockchain fully verified.
• Pi Network will also benefit from Stellar Protocol 23, which introduces smart contract functionality.

The team warned of possible temporary network outages during rollouts, but sees the Linux expansion as a milestone toward mainnet activation, which will enable pioneers to deposit balances and officially launch the ecosystem.

Technically, PI is bouncing off key support, with bulls eyeing a breakout from the channel.

Hyperliquid (HYPE) Set for New Highs; Hayes Predicts 12,500% Gain

Hyperliquid’s token HYPE traded between $46.33–$50.00 on Thursday, showing signs of breaking higher.

Arthur Hayes (BitMEX co-founder) forecast:

• Predicts a 126x gain (12,500%) by 2028.
• Compared Hyperliquid to a decentralized version of Binance.
• Cited the rollout of HIP-3 and the expansion of stablecoins (projected to hit $10T circulation) as drivers.

Open Interest in HYPE futures sits above $2B, near record levels. Sustained investor activity could drive a breakout to new all-time highs.

ARK Invest Adds $15.6M More of BitMine

Cathie Wood’s ARK Invest purchased another $15.6M of BitMine Immersion Technologies (BMNR) shares on Wednesday across three ETFs:

• ARKK: 227,569 shares.
• ARKW: 70,991 shares.
• ARKF: 40,553 shares.

ARK’s BitMine exposure now tops $300M, nearly half its Coinbase stake ($676M after recent trimming).

Timeline:

• July 21: $174M purchase in a single day.
• Aug 2: $17M added.
• Aug 20: ARK also acquired $21.2M of Bullish stock and $16.2M of Robinhood.

Despite Wednesday’s 8% drop in BitMine shares (to $46.03, with another -2.22% after hours), the stock is up 490% YTD. Q2 revenue rose 67.5% y/y to $2.05M, with net profit margin up 43%.

Polkadot Backs $6M Paraguay Innovation Hub Tokenization

Polkadot (DOT) gained 2% Thursday as Paraguay’s Assunción Innovation Valley (AIV) announced tokenization on Polkadot.

Details:

• AIV project includes a hotel, university, and data center.
• Equity worth $6M will be split into 130,000 tokens. Holders will have profit and voting rights under Paraguayan law.
• Partners: Moonbeam parachain and Better Use Blockchain.

On-chain metrics:

• Parachain TVL exceeds $300M.
• Hydration leads with $287.27M (89.7% share).
• Moonbeam’s own TVL stands at $8.42M.

DOT price action remains supported by a symmetrical triangle breakout setup.

The Day’s Takeaway

North America

U.S. Stocks Close Higher; S&P 500 and Dow Hit Records, Nasdaq Nears All-Time High
Major U.S. indices ended Thursday in the green, with the S&P 500 and Dow Jones Industrial Average closing at record levels. The Nasdaq Composite advanced to within 8 points of its all-time closing peak at 21,713. Gains came despite Nvidia slipping -0.81% following earnings.

• Dow Jones Industrial Average: +71.67 (+0.16%) → 45,636.90
• S&P 500: +20.46 (+0.32%) → 6,501.86
• Nasdaq Composite: +115.02 (+0.53%) → 21,705.16

August Performance (MTD):

• Dow: +3.41%
• S&P 500: +2.56%
• Nasdaq: +2.76%

Magnificent 7 (August):

• Tesla: +12.23%
• Google: +10.29%
• Apple: +2.76%
• Nvidia: +1.26%
• Amazon: -1.07%
• Meta: -2.89%
• Microsoft: -4.47%

Tesla and Google led, while Microsoft, Meta, and Amazon posted declines.

Fed Governor Cook Files Suit Against Trump
Lisa Cook sued President Trump after he attempted to dismiss her from the Federal Reserve Board “for cause.” The lawsuit argues policy disputes are not legal grounds for removal. A hearing is set for Friday at 10 AM, where the court will decide whether Cook remains in her seat or Trump’s dismissal powers hold.

If Cook is removed, Trump could secure majority control of the Fed Board (5 of 7 seats), a move seen as reshaping central bank independence. Bloomberg also reported Cook’s lawyers attributed the mortgage dispute at the center of the case to a “clerical error.”

U.S. Pending Home Sales Decline Again
Pending home sales fell -0.4% m/m in July, worse than the -0.1% estimate. The index fell to 71.7, with regional results mixed:

• Northeast: -0.6%
• Midwest: -4%
• South: -0.1%
• West: +3.7%

Redfin data highlighted a record 15% contract cancellation rate.

U.S. Treasury 7-Year Note Auction Mixed
The Treasury sold $44B of 7-year notes at a high yield of 3.925%, nearly in line with WI. Domestic demand disappointed, with directs well below average at 12.8%, while indirects (mostly foreign buyers) surged to 77.45%. Dealers absorbed 9.8%, close to trend.

Nvidia Engages Trump Administration on China Policy
Nvidia CEO Jensen Huang confirmed discussions with the Trump administration over potential Blackwell AI chip sales to China. Talks remain in early stages.

Europe

European Stocks End Mixed
Markets closed without clear direction as southern Europe edged higher while London and Frankfurt lagged.

• DAX (Germany): -0.03%
• CAC 40 (France): +0.24%
• FTSE 100 (UK): -0.42%
• Ibex 35 (Spain): +0.34%
• FTSE MIB (Italy): +0.23%

Commodities

Gold Rallies Above $3,400
Gold rose 0.43% to $3,413, a five-week high, supported by falling U.S. yields and a weaker dollar. Gains came despite strong GDP and jobless claims data, as safe-haven demand surged on concerns over Fed independence amid Cook’s lawsuit against Trump.

Silver Extends Gains Toward $39
Silver advanced above $38.80 as traders increased bets on a September Fed rate cut. The CME FedWatch tool shows an 88% probability of a 25 bps cut. Industrial demand remains strong, led by surging Chinese solar installations and exports.

WTI Crude Holds Key Support
WTI crude futures settled +0.70% at $64.60, rebounding after holding the 200-hour MA at $63.33. Bulls now eye resistance at $65.10, a level that could confirm further upside momentum.

Crypto

Chainlink Surges on U.S. Commerce Partnership
LINK rose nearly 4% to $24.70 after the U.S. Commerce Department announced a partnership to bring official economic data on-chain across multiple blockchains. The move was hailed as a “historic” step in making economic truth immutable and accessible.

Hyperliquid (HYPE) Flirts with New Highs
HYPE traded between $46–$50 as futures open interest held near $2B. Arthur Hayes projected a potential 12,500% rally by 2028, citing exchange-like growth and stablecoin expansion.

ARK Invest Boosts BitMine Stake
Cathie Wood’s ARK added $15.6M in BitMine shares, lifting total exposure above $300M. Despite a -8% drop on Wednesday, BitMine remains up 490% YTD, with Q2 revenues climbing 67.5% y/y.

Polkadot Powers Paraguay Innovation Hub
Polkadot gained 2% after Paraguay’s Assunción Innovation Valley announced a $6M tokenization project, supported by Moonbeam and Better Use Blockchain.

XRP Holds $3.00 Support
XRP consolidated above $3.00, backed by bullish on-chain metrics. If support holds, analysts see scope for a near-term breakout.

Pi Network Advances on Linux Release
PI rose 3% after developers released node software for Linux, expanding testnet operations ahead of a mainnet launch. Stellar Protocol 23 upgrades will add smart contract functionality.