Crypto surge
Bitcoin jumped about 14% over two days, rising from around 63,000 early this week to above 72,000, its highest level since early June. The gain follows a renewed push in Washington to pass the Clarity Act. President Trump is urging Congress to advance the bill, which would set a rules framework for digital assets and label Bitcoin and other cryptocurrencies as commodities instead of securities. A key Senate procedural vote is set for September 15th.
Coinbase (COIN) was the best performer in the S&P 500, up about 7.5% after a 10% gain the day before. Strategy (MSTR) and Circle (CRCL) also rallied as crypto-linked stocks bounced back. The move followed a broader risk-on shift and roughly $2.7 billion in crypto short squeezing. The pending law stays the main driver for the sector. Bitcoin is still about 42% below its October 2025 record.
Sports deal
Arctos Partners agreed to buy a 10% stake in the Atlanta Falcons at a $10.6 billion valuation, adding another NFL team to the private equity firm's sports holdings. The deal needs NFL approval and would be Arctos' fourth NFL investment, after stakes in the Chargers, Bills, and Browns. The Falcons were valued at about $8 billion last year, showing how NFL franchise prices keep climbing even as the team struggles. Atlanta has never won a Super Bowl and last reached the playoffs in 2017. The deal reflects growing institutional demand for pro sports, as investors bet on rising media rights, sponsorship, stadium, and other revenue.
Australia's tech-vs-news law
Australia passed a law requiring big tech firms to pay millions of dollars unless they sign commercial deals with local news outlets. Companies that fail to reach deals face a 2.5% tax on their ad revenues under the "news bargaining incentive," with the money sent to local media. The rule applies to companies with local ad revenue over $178 million and could hit TikTok, Meta (META), Google (GOOGL), and LinkedIn (Microsoft, MSFT).
Uber and Baidu robotaxis
Driverless robotaxis are now on Uber (UBER) in Dubai. Anyone booking an Uber X or Comfort ride can be matched with an Apollo Go car that has no human at the wheel. Uber is trying to make itself the main platform for self-driving vehicles, and the service is expected to spread to other regions.
Baidu (BIDU) shares fell, along with broader Chinese ADRs except Alibaba (BABA), after weak earnings this week. Uber traded slightly higher but is still down 20% year-over-year.
What's ahead
BJ's Wholesale Club (BJ) reports tomorrow morning. Wall Street expects about $1.16 in adjusted EPS on roughly $5.89 billion in revenue. Investors will watch comparable sales, traffic, membership growth, fee income, and merchandise margins. The key question is whether BJ's can keep its strong membership momentum from last quarter, when membership fee income rose nearly 10%, while handling margin pressure and expanding its store count. The results give another read on the American consumer, and on whether warehouse clubs keep gaining share as shoppers hunt for lower prices.
On the macro side, global flash PMIs are due from major economies: Japan tonight, then the US, the Euro zone, France, and Germany. Yields are the focus. Stronger readings could push yields higher worldwide; weaker data with yields staying high raises a bigger question. The numbers will also shape expectations for central bank policy.
