Bitmine and crypto do not look Clear

Welcome to LazyListen. This is The Daily Rip for today. Stocks slipped again Tuesday, marking nearly a full one percent drop for the week as bond yields climbed and mortgage rates edged toward seven percent.

The 10-year Treasury yield closed above five percent, a level not seen in years, setting the stage for tomorrow’s Federal Reserve announcement. The market widely expects the Fed to raise rates by at least a quarter point, pushing the federal funds target back up to around four percent. This will be the first hike since 2023, and all eyes will be on the Fed’s guidance for what comes next—whether this is a one-and-done move or the start of a longer tightening cycle.

That outlook will be critical for tech stocks, housing, and regional banks. The backdrop is more challenging than past rate cycles. Unlike previous periods when bond yields rose and then eased, today’s environment is complicated by geopolitical tensions and supply disruptions.

S. is engaged in a costly conflict with Iran, draining billions monthly, while trade disputes and attacks on oil infrastructure in the Gulf have tightened energy supplies. These factors keep inflation stubborn and markets jittery.

In Washington, crypto took a hit after the Senate failed to advance the Clarity Act, a bipartisan bill designed to provide a federal regulatory framework for digital assets. The vote fell short by just one vote, 49 to 50, well below the 60 needed to proceed. This setback weighs heavily on crypto-related stocks.

Coinbase, the largest publicly traded crypto exchange, dropped about ten percent. Circle, the issuer of the USDC stablecoin, plunged over eleven percent. BitMine Immersion, a heavily leveraged bet on Ethereum, lost more than eight percent.

The Clarity Act aimed to bring clarity to crypto regulation, making it easier for companies like Coinbase and Circle to operate within the traditional financial system. It would have allowed crypto firms to issue interest-bearing tokens, effectively letting them act more like banks. However, opposition from both sides of the aisle and resistance from traditional banks—who see stablecoin rewards as a threat to their deposit base—derailed the bill.

Banks worry that these interest-like payouts could siphon deposits away from community banks, undermining regional lending. The bill also included ethics provisions to prevent conflicts of interest among lawmakers involved in crypto regulation, but critics argued these measures were insufficient. With the legislation stalled, the crypto sector remains in regulatory limbo, leaving investors uncertain about the future.

While another vote is possible, support appears to be waning, and market odds suggest less than a fifteen percent chance the bill becomes law by mid-2027. -Iran conflict. Amazon Web Services announced it cannot recover some customer data stored exclusively at these sites.

While customers with backups elsewhere can restore their workloads, data stored only in the affected facilities is lost for good. This development sent Amazon shares down about two percent, closing near session lows on heavy volume. I.

space, a lively debate unfolded at Salesforce’s Dreamforce conference. I. development are not mutually exclusive, advocating for rapid innovation while pausing when risks emerge.

Meanwhile, Anthropic’s CEO called for a more cautious approach, urging companies to slow down frontier model development to manage potential dangers. I. industry about how aggressively to push new technologies.

Nvidia’s stock edged up slightly, while Salesforce shares dipped about one and a half percent. On the macro front, inflation remains a concern with August’s consumer price index rising three point four percent year-over-year. Crude oil prices have climbed back above 100 dollars a barrel, adding pressure to inflation and the cost of living.

The 10-year Treasury yield’s move above five percent underscores the bond market’s wariness about persistent inflation and tighter monetary policy. Among quick movers, Skyworks rebounded sharply, gaining nearly fourteen percent after confirming its merger with Qorvo remains on track for this year. I.

concerns. On the downside, Axon slid almost ten percent after announcing a 1 billion dollars convertible note offering, marking its worst session since early August. JPMorgan shares rose modestly as the bank forecasted mid- to high-teen growth in investment banking fees and markets revenue for the third quarter, despite a cooling trading environment.

m. m. and Chair Kevin Warsh’s press conference at 2:30.

Investors will be parsing every word for clues on the Fed’s next moves. Earnings reports to watch after the bell include Lennar, a major homebuilder, which will provide insight into the housing market amid rising mortgage rates. Also on deck is ZenaTech, a smaller tech company reporting pre-market.

In summary, markets are navigating a complex mix of rising rates, geopolitical risks, and regulatory uncertainty, especially in crypto and cloud infrastructure. Tomorrow’s Fed decision will likely set the tone for the rest of the year, making it the key event for investors to watch. Thanks for listening.

Catch you next time on LazyListen.