S&P 500 Dives as Bitcoin Rockets Past $64,000 Ahead of Fed Minutes

The S&P 500 index fell by 0.52% on Monday, while Bitcoin surged past $64,000. This divergence occurred just two days before the Federal Reserve releases its July meeting minutes, which will be closely watched for guidance on monetary policy.

Markets are in a holding pattern as traders wait for the Fed minutes to set direction. The document could have significant implications for both stocks and Bitcoin, with investors pricing in the possibility of a dovish tone that avoids an overtly hawkish stance.

The S&P 500 pulled back from record highs near 7,800 due to various pressures, including renewed US-Iran tensions and weak retail sales. The index closed at 7,745 points on Monday. Meanwhile, oil prices climbed on the same day, reviving inflation concerns across markets.