S&P 500 Drops 0.52% as Bitcoin Tops $64,000 Before July Fed Minutes
Updated
Updated · Yahoo Finance · Aug 18
S&P 500 Drops 0.52% as Bitcoin Tops $64,000 Before July Fed Minutes
3 articles · Updated · Yahoo Finance · Aug 18
Summary
Bitcoin climbed about 2% from roughly $62,800 to above $64,000 on Monday even as the S&P 500 slid to 7,745, pulling back from last week's record highs near 7,800.
Oil prices, 30-year Treasury yields at their highest since 2007, and a 0.6% drop in July retail sales pressured equities, while traders rotated into alternative risk assets and bet the Fed minutes may avoid a hawkish surprise.
Wednesday's release covers the Fed's July 28-29 meeting, which left rates unchanged at 3.50%-3.75% but split 9-3, with three officials favoring a 25-basis-point hike.
Markets now price September hike odds near 35%; a more hawkish read could hit both stocks and crypto, while a balanced tone focused on softer labor and consumption could support a rebound.