S&P 500 Slides as Traders Await Fed Minutes, Bitcoin Soars Past $64K
The S&P 500 index fell 0.52% on Monday, but Bitcoin surged past $64,000 in a sharp divergence just two days before the Federal Reserve releases its July meeting minutes.
Markets are now in a holding pattern as every asset class waits for the release of this single document to set the direction.
The S&P 500 pulled back from last week's record highs near 7,800, closing at 7,745 points. Several pressures converged on the same session, including oil prices climbing on renewed US-Iran tensions and July retail sales falling 0.6%.
A more hawkish internal debate in the Fed minutes would likely pressure the S&P 500 further, while a balanced tone could support a rebound in both stocks and crypto. Markets currently price September hike odds near 35%, but a minutes-driven repricing higher would weigh on both assets simultaneously.