Treasury Buybacks and Oil Weigh on Stocks as Bitcoin Surges

Stock markets closed lower this week as a combination of Treasury bond buybacks and rising oil prices weighed on investor confidence. The U.S. Treasury Department's announcement to double its bond buybacks beginning in September spooked markets already dealing with elevated energy costs.

The increased pressure from oil prices, which rose throughout the week, compounded the uncertainty created by Walmart's cautious earnings report. Investors took a hit as major indexes declined.

However, not all assets were affected equally. Bitcoin emerged as a standout performer, rallying on news of a White House meeting with crypto industry leaders aimed at advancing the Clarity Act within the coming weeks. This move was interpreted as a bullish signal for risk-on assets, supporting Bitcoin's upward momentum despite broader market declines.

Moderna's shares surged 177% in a single session after announcing its melanoma vaccine significantly outperformed expectations. The company developed the vaccine in partnership with Merck.