Nasdaq Surges 0.7% as Bitcoin Hits New High Amid Fed Focus

The US stock market closed higher on Tuesday, led by a 0.7% gain in the Nasdaq index due to strong performance from tech sector stocks. However, this growth was not seen across all sectors, as broader market weakness persisted without support from mega-cap stocks.

Bitcoin surged past $80,000, driven by concerns over dollar devaluation. Semiconductor stocks showed initial strength but lost momentum as investors awaited Nvidia's earnings report.

Dick's Sporting Goods shares fell 13% after disappointing Q2 results and lowered guidance. The market focus now shifts to Fed Chair Kevin Warsh's upcoming speech at the Jackson Hole Symposium, with investors watching for monetary policy signals amid key economic data releases.