TLDR

MARKET RECAP → Markets saw mixed results on Friday. The Dow Jones Industrial Average had the largest movement, slipping as reports came out saying President Trump is pushing for greater tariffs on the European Union.

INFLATION EXPECTATIONS RETREAT→ Consumers now see price growth retreating to pre-tariff levels, boosting confidence and giving the Fed more flexibility.

ETHER REIGNS AS CRYPTO BILL BECOMES LAW → Ether (ETH) is having a moment, rocketing nearly 44% in two weeks after Trump signed the landmark GENIUS Act into law. Bitcoin (BTC) lagged, and crypto stocks wobbled on tariff talk. Meanwhile, ETH ETFs are stealing thunder from BTC, with record inflows and BlackRock eyeing staking. Momentum is shifting.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings Next Week

POLL OF THE DAY

Politics

Inflation Expectations Retreat

Expectations Reset: Inflation expectations tumbled in July to levels last seen before Trump’s trade wars, according to the University of Michigan survey. One-year expectations fell to 2.5% from 3% in June, while five-year expectations dropped to 2.8%, reflecting growing consumer confidence as price pressures ease.

Tariffs in the Rearview: The drop suggests consumers see recent price surges from trade shocks and supply chain snarls as temporary. Even with new tariffs looming, economists say the public no longer expects them to trigger runaway inflation like prior rounds.

Fed Gets Breathing Room: The softer outlook could give the Federal Reserve cover to hold rates steady. With sentiment rebounding and inflation fears subsiding, markets are betting the Fed may pivot from tightening to a wait-and-see approach.

Crypto

Ether Reigns As Crypto Bill Becomes Law

GENIUS Act Gives Ether a Boost: Ethereum (ETH) surged to end the week after President Donald Trump signed the GENIUS Act into law, the first major U.S. crypto legislation. The bill’s passage lit a fire under ETH, which climbed 19% this week and is now up over 43% in two weeks, marking its best run since 2021.

Bitcoin Cools Off Amid Tariff Jitters: While ether soared, bitcoin (BTC) slipped 1% and crypto stocks reversed early gains as Trump reportedly pushed for higher EU tariffs. Coinbase (COIN) hit a record intraday high before retreating, while Strategy and Mara both took hits.

Ethereum ETFs Steal the Spotlight: For the first time ever, ether ETFs saw more inflows than bitcoin counterparts, $602M to $522M, led by BlackRock’s ETHA. BlackRock also filed to add staking to ETHA, further stoking investor enthusiasm and potentially cementing ether’s leadership in the crypto market.

BULL VS. BEAR

KEEP READING

Trump pushes for up to 20% minimum tariffs on European Union: FT (CNBC)

Israel’s stock market outperforms Middle East counterparts despite multi-front wars (CNBC)

Crypto sector breaches $4 trillion in market value during pivotal week (Reuters)

SpaceX worker injury rates at Starbase outpace industry rivals (TechCrunch)

Cloning Came to Polo. Then Things Got Truly Uncivilized (Wired)

How to Change Your Money Mindset: 9 Tips for Abundance Thinking (ML)

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