Wall Street was upbeat at Wednesday’s open as stocks climbed to extend their winning streak, with the S&P 500 hovering at record highs and top altcoins leading the latest crypto rally.
Summary
- Stocks rose on Wednesday to extend gains, with S&P 500 and Nasdaq edging higher after hitting record highs.
- Wall Street is bullish on Federal Reserve cutting interest rates in September.
- Cryptocurrencies are also bullish as top altcoins rally.
The Dow Jones Industrial Average climbed 150 points, while the S&P 500 rose 0.3% to new highs above 6,400. The Nasdaq Composite added 0.4%, breaking above 21,795.
Wall Street’s positive start followed Asia-Pacific markets closing broadly higher. Japan’s Nikkei 225 rose 1.3% to a record close, the Topix gained 0.83%, and South Korea’s Kospi added 1.08%. Mainland China’s CSI 300 closed 0.79% higher.
In crypto, Bitcoin (BTC) moved to above $120k, while Ethereum (ETH) led the top altcoin charge with a breakout above $4,600. Standard Chartered analysts now forecast ETH will hit $7,500 by end of 2025 and $12,000 in 2026.
Regulatory news and rise to crypto treasury companies is pushing the cryptocurrency market’s new upward flip.
Stocks climb amid Fed rate cut bets
Major U.S. indices traded higher as tech stocks led fresh gains. Meta and Advanced Micro Devices were among the top performers.
Equities were gaining in early trading after a significant move on Tuesday saw the S&P 500 and Nasdaq climb to record highs. The Dow Jones Industrial Average had also edged higher, mirroring the overall optimism cutting across the global stock market.
This outlook strengthened as the July consumer price index report boosted investor expectations of a Federal Reserve interest rate cut in September. While data showed CPI rose in July, this was lower than expected and combined with other economic readings to bolster bullish bets on the Fed cutting rates.
Notably, President Donald Trump announced a 90-day pause on tariffs targeting China. Meanwhile, Citigroup analysts recently forecast the S&P 500 will hit 6,600 in 2025.
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