Ross Stores Surges as Crypto Stocks Soar on Clarity Act Momentum

Ross Stores, Inc., the off-price retailer, made significant gains in premarket trading after beating second-quarter earnings and raising its full-year guidance. The company's shares jumped between 8.5% and 9%, with Q2 sales reaching $6.3 billion, up 14% year over year. Comparable store sales rose 10%, and earnings per share came in at $2.66.

Ross Stores also benefited from a $253 million tariff refund under the IEEPA program, which helped boost its bottom line. The company raised its full-year EPS outlook to $8.61 to $8.77, up from its previous range of $7.50 to $7.74.

The rally was also driven by strong performance in crypto-linked stocks, including Coinbase, Robinhood, and Strategy, which all surged following President Donald Trump's call for Congress to pass the Clarity Act, a crypto regulatory bill. Strategy's Bitcoin holdings saw an estimated $1.4 billion unrealized gain as the cryptocurrency climbed nearly 22% over five sessions to around $78,500.

However, not all companies reported positive results, with OSI Systems, Aveanna Healthcare, and Flowers Foods falling sharply after weak earnings or dilutive share offerings.