Key Points

• S&P 500 Futures Ease After Record Highs: U.S. equities pulled back slightly in futures trading after the S&P 500 and Nasdaq closed at fresh records, with softer inflation data fueling expectations for a September Fed rate cut.
• Global Equities Hit All-Time High: The MSCI All Country World Index reached a record 950.13 as mild U.S. inflation data and easing U.S.-China trade tensions bolstered rate cut bets and risk appetite.
• Ether Nears Record on Corporate Buying Surge: Ether climbed 8.5% to $4,683, approaching its all-time high as multiple U.S.-listed firms disclosed significant token purchases, outpacing Bitcoin’s YTD gains.
• Circle Shares Fall on Secondary Offering: Circle Internet Group dropped over 5% after unveiling a 10 million Class A share offering, despite reporting 53% revenue growth on strong stablecoin adoption.

S&P 500 Futures Edge Lower After Record Highs

U.S. equity futures slipped Wednesday, with S&P 500 and Nasdaq 100 contracts down 0.39% and 0.12% respectively, following a session in which both indexes closed at fresh record highs on softer-than-expected inflation data. The S&P 500 gained 1.1% to 6,445.76, the Nasdaq rose 1.4% to 21,681.90, and the Dow added 483 points. Small-caps outperformed, with the Russell 2000 up nearly 3%, as rate cut bets for September climbed to 94%.

After-hours trading saw sharp declines in Cava (-22%) and CoreWeave (-9%) on disappointing guidance. Investors await Thursday’s PPI report and the Fed’s Jackson Hole meeting for further policy signals.

World Shares Hit Record as Rate Cut Bets Strengthen

Global equities rallied to record highs Wednesday, with the MSCI All Country World Index reaching 950.13, fueled by softer U.S. inflation data and optimism over Federal Reserve rate cuts. Japan’s Nikkei broke the 43,000 mark for the first time, while European stocks rose 0.5%, led by tech and defense. U.S. CPI data showed tariffs have yet to lift consumer prices, reinforcing a 94% probability of a September rate cut.

The dollar weakened for a second day, while ether hit a four-year high. Trump’s 90-day pause on additional Chinese tariffs further buoyed sentiment across risk assets.

Ether Nears Record High on Corporate Accumulation Surge

Ether jumped 8.5% to $4,683 on Wednesday, approaching its $4,861 peak from November 2021, as a wave of corporate buying echoed Bitcoin’s earlier adoption trend. Firms including Bitmine Immersion Technologies, Sharplink Gaming, and rebranded 180 Life Sciences disclosed substantial Ether holdings and fresh capital raises to expand reserves. Investor interest was further fueled by Peter Thiel’s stake in 180, triggering a sharp rally in its shares.

Ether’s aggressive accumulation has pushed it up 39.4% year-to-date, surpassing Bitcoin’s 27.9% gain, positioning it as 2025’s top-performing major cryptocurrency.

Circle Shares Dip on Secondary Offering Announcement

Circle Internet Group shares fell over 5% in after-hours trading Tuesday after announcing a public offering of 10 million Class A shares, with 2 million from the company and 8 million from existing shareholders. The move follows a 450% surge in the stock since its June 5 debut. Underwriters will have a 30-day option to purchase an additional 1.5 million shares.

Despite posting a $4.48 per-share loss in Q2 due to IPO-related charges, Circle reported a 53% revenue jump driven by robust stablecoin adoption, highlighting both growth momentum and dilution concerns.

Conclusion

Markets continue to ride a wave of optimism, with record highs in both U.S. and global equities driven by softer inflation data, strong rate cut expectations, and resilient risk appetite.

Crypto markets are also in focus, as Ether’s surge on corporate accumulation underscores growing institutional interest in digital assets.

However, selective equity pullbacks, such as in Circle and certain high-growth names, highlight ongoing valuation sensitivities. Investors should remain alert to upcoming macro events — including wholesale inflation data and the Fed’s Jackson Hole symposium — which may provide fresh clarity on policy direction and recalibrate sentiment across asset classes.

Investment Insights

• Equities: Record highs signal strong bullish sentiment, but stretched valuations and upcoming macro events could trigger near-term volatility. Consider selective profit-taking in overextended sectors.
• Global Markets: Softer inflation and anticipated rate cuts are supporting risk assets; positioning for continued central bank easing remains a key theme.
• Cryptocurrencies: Corporate accumulation of Ether highlights increasing institutional adoption — a potential driver for further upside, but with heightened volatility risk.
• IPO & High-Growth Names: Sharp pullbacks in stocks like Circle underscore sensitivity to dilution and earnings misses; maintain disciplined entry points in momentum-driven assets.

Economic Calendar

Disclaimer: This newsletter provides financial insights for informational purposes only. It does not constitute financial advice or recommendations for investment decisions.