Ross Stores Surges on Earnings Beat as Crypto Names Rally on Regulatory Hopes

Ross Stores, Inc., which operates the discount apparel chain, saw its stock surge as much as 9% in premarket trading after releasing better-than-expected Q2 results. The company's second-quarter revenue reached $6.3 billion, up 14% from last year, and same-store sales advanced 10%. Earnings per share came in at $2.66, with management upgrading its annual EPS projection to a range of $8.61 to $8.77.

The boost to profitability was largely due to a $253 million tariff reimbursement through the IEEPA initiative. Ross Stores also announced plans to launch 115 new locations in 2026, exceeding earlier expansion targets.

Cryptocurrency-related equities, including Coinbase, Robinhood, and Strategy, rallied after President Donald Trump's public push for congressional approval of the Clarity Act, a legislation aimed at establishing clearer crypto regulations. Strategy saw its Bitcoin portfolio transform from substantial losses to an estimated unrealized profit of $1.4 billion, with the leading cryptocurrency surging toward $78,500.