Tesla & Tech Titans Propel Nasdaq to Record High of 22,141.10
Wall Street's tech-heavy index just smashed through another ceiling—fueled by Tesla's surge and big tech's relentless momentum.
The Numbers Don't Lie
Closing the week at 22,141.10 isn’t just a number—it’s a statement. While traditional markets cheer, crypto traders shrug; after all, we’ve seen 10x moves before breakfast.
Tech Flexes, Banks Wince
Tesla’s rally didn’t just move needles—it bent charts. Meanwhile, legacy finance still can’t figure out whether to ban blockchain or buy it. Spoiler: they’ll be late either way.
Records Are Meant to Be Broken
Another day, another ATH. Whether this momentum holds or not, one thing’s clear: innovation isn’t waiting for permission—and neither are the profits.
Fed expectations rise after jobless claims hit highest since 2021
The week’s economic data gave investors reason to expect the Fed will act. The consumer price index for August came in slightly above forecasts on Thursday, but it was the unexpected jump in jobless claims that caught more attention.
The Labor Department’s report showed new claims hitting the highest level since October 2021. That, combined with downward revisions to job growth data from the Bureau of Labor Statistics, showed a weakening labor market that may push the Fed toward a quarter-point rate cut. Traders using the CME FedWatch Tool see that cut as nearly guaranteed.
Bill Northey, investment director at U.S. Bank Wealth Management, told CNBC, “This is a Fed that is reluctant to surprise markets, and so as expectations have cemented around that 25 basis point rate cut, we think that they’ll deliver against that.”
He added that the Fed’s press conference and updated economic projections next week will give clearer insight into how it sees the path forward for inflation, growth, and interest rates. “This should be a very information-rich meeting that we see [in] the middle of next week,” Bill said.
He emphasized that the central bank’s communication will be closely watched, as markets want to understand how far down the rate path the Fed is willing to go. The interest rate curve will likely react depending on how the Fed frames its long-term policy view.
Crypto heats up as Gemini soars 40% in Nasdaq debut
While rate cut bets dominated Wall Street, crypto markets made waves of their own. On Friday, Gemini Space Station, the crypto exchange started by Tyler and Cameron Winklevoss, surged more than 40% in its first day of trading on the Nasdaq under the ticker GEMI.
Gemini’s shares opened at $37.01, after being priced at $28. They hit an intraday high of $40.71, ending the day with a $4.4 billion valuation, based on numbers reported by Reuters.
Gemini’s public debut follows a trend of crypto firms tapping into public markets as President Donald Trump’s administration eases federal regulations on the industry. Circle, another major crypto company, raised $1.3 billion when it went public in June. Just last month, Bullish, a crypto exchange, collected over $1 billion from its own IPO.
The success of these listings is turning heads, especially as regulatory pressure loosens. Gemini’s debut adds momentum to a sector that has been pushing its way back into the mainstream after a brutal 2022 and volatile 2023.
The company’s opening pop sent a clear signal that investors are ready to pour money back into crypto, at least when the name is big and the rules are softening.
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