Crypto
Bitcoin extended its rally and finished the week up more than 20% as investors turned more upbeat on the digital asset. Crypto-linked stocks rose with it. Coinbase (COIN) gained more than 8%. Strategy (MSTR) rose more than 6%, the top performer in the NASDAQ 100 for the day. The boost came after the White House hosted crypto industry leaders and pushed Congress to pass the Clarity Act, which would set clear rules for crypto infrastructure and federal oversight. This is a sharp reversal for the sector. The open question is whether regulatory clarity can turn recent Bitcoin momentum into a lasting recovery for crypto and crypto stocks.
Gold
Gold surged again. Futures reached about $4,648 an ounce, with spot prices near $4,588. That puts the metal on track for about a 5% gain this week and its highest level in roughly 3 months. The rally was driven by bond market jitters, a softer dollar, and renewed worry over growing US debt, which revived demand for gold as a hedge against fiscal and currency risk. This is a sharp turnaround from earlier this year, when gold pulled back from record highs near $5,600 and had its worst quarter since 2013 in the second quarter. Investors are watching whether worry over US borrowing costs and the dollar can fuel a more lasting comeback, even though higher interest rates usually work against the non-yielding metal. Several bullish notes appeared today on both the technical and fundamental setup for gold.
Retail and the consumer
Retail earnings this week gave clues on the health of the US consumer. The main takeaway: consumers are being selective and want value. Discount retailers Ross Stores (ROST) and BJ's Wholesale Club (BJ) came out as big winners from bargain hunting. Target (TGT) stood out by holding up against the week's selloff, marking a comeback story where the turnaround is clearly working, though its CEO said two quarters do not make a trend. One helpful theme this quarter was tariff-free funds, which could be a one-off.
A debate is running over Walmart (WMT). Analysts are split between short-term growth and long-term fundamentals. The stock sold off after earnings, which many tied to valuation. The split showed up in diverging analyst calls: Freedom Broker upgraded it while Gordon Haskett downgraded it. The market is divided over the timing of the near-term versus the multi-year story.
Week ahead
Earnings due include Dick's Sporting Goods (DKS), Intuit (INTU), Salesforce (CRM), CrowdStrike (CRWD), HP (HPQ), Best Buy (BBY), Dollar General (DG), Marvell (MRVL), Ulta (ULTA), and Nvidia (NVDA). The bar for Nvidia is very high. Its expected post-earnings move roughly equals the market cap of Morgan Stanley (MS), or about three Starbucks (SBUX). Also on the calendar: the PCE inflation reading and the Jackson Hole meeting, with attention on remarks from Kevin Warsh, following comments from Treasury Secretary Bessent this week.
