Bitcoin advanced above $77,000 on Friday, positioning the cryptocurrency for its largest weekly percentage gain in more than three years as broader risk appetite returned to financial markets. The move extended a multi-day rally that accelerated after President Trump urged Congress to advance key crypto legislation earlier in the week.
Crypto-sensitive equities responded sharply. Coinbase Global, Strategy and Robinhood Markets all posted strong gains in early trading, contributing to a rebound in the Nasdaq Composite after five consecutive sessions of declines. Chipmakers also participated, pausing a recent slide ahead of Nvidia’s highly anticipated earnings report scheduled for next Wednesday.
U.S. equity futures had pointed higher overnight and major indexes opened with gains. The Nasdaq 100 led the advance while the S&P 500 and Dow Jones Industrial Average posted more modest increases. Traders cited stabilizing Treasury yields and a strong set of flash PMI data as supportive factors after Thursday’s sell-off driven by rising bond yields and a sharp drop in Walmart shares.
S&P Global’s flash surveys for August showed the U.S. composite PMI rising to 56.0, the highest reading in 20 months, powered by a surge in services activity to 56.8. Manufacturing eased slightly to 53.2 but remained firmly in expansion territory. The data reinforced the view that economic momentum is intact even as higher energy prices and elevated long-term yields continue to pose challenges.
Treasury yields held relatively steady after a volatile week. The 10-year note hovered near 4.70 percent while the 30-year yield remained elevated near multi-year highs. Treasury Secretary Scott Bessent reiterated that the department could expand its long-dated bond buyback program beyond the recently announced $4 billion per operation, describing the effort as a liquidity support measure rather than an attempt to dictate yields.
Oil prices were little changed near $86 for WTI and $93 for Brent after five consecutive sessions of gains linked to ongoing disruptions in the Middle East and the prospect of tougher U.S. sanctions on Iran. Energy shares provided relative support within the broader market.
Investors are now looking ahead to next week’s personal consumption expenditures inflation data and Nvidia’s quarterly results for further direction. For the moment, the combination of a resilient services sector, a powerful crypto rally and a pause in the recent bond-market pressure has allowed risk assets to stabilize at the end of a challenging week.