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Jenny Horne and Nate Peterson discuss this week's rise higher in Bitcoin (/BTC) prices. Nate discusses the correlation to bond market moves taking place globally, and examines the technical moves in both Bitcoin and Ethereum (/ETH). Later, Nate and Jenny dive into a proposal from Block (XYZ) CEO Jack Dorsey to change Bitcoin's base units to "satoshi" and what the "GENIUS Act" means for crypto regulation in the United States.

This segment was filmed on Wednesday, May 21, 2025.

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Tariffs, interest rates and consumer sentiment all weigh on the retail sector, seen in earnings from big box stores like Walmart (WMT) and Target (TGT). Urban Outfitters (URBN), however, showed strength. Joe Tigay takes a look another retailer investors may have missed: Ross Stores (ROST). He offers a macro perspective on Ross and gives an example options trade for the retailer stock.

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Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6D

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Liz Ann Sonders describes the fallout of losing “price-insensitive buyers” of U.S. bonds on the market as the proposed U.S. tax bill would increase the national deficit and raise the debt ceiling by $4T. She says the investor class has been “deeply concerned” about the national debt for a long time, and thinks the average consumer is beginning to be concerned as well. “The real implications” of debt growth is that it puts a “downward pressure on [economic] growth,” she adds.

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Advance Auto Parts (AAP) surged to a 3-month high off a 40% post-earnings rally. Diane King Hall notes that it's not just strong earnings driving optimism, but also people seeking to keep their vehicles for longer. Meanwhile, Sunrun (RUN) sold off 40% alongside other solar energy stocks after the House narrowly passed its tax bill. Zoom Communications (ZM) opened lower despite posting an earnings beat.

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The volume difference in the SPX reached a 2-standard deviation difference in Wednesday's trading action, a notable bearish signal for Kevin Green. He points to 5,790 as the key level bulls need to hold to maintain positive market momentum. Kevin adds that volatility in yields needs to subside for equities to find solid footing. He highlights an inverse head-and-shoulders pattern forming in the 10-year treasury yield.

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Futures trended lower off the latest jobless claims print but opened notably off the lows. Kevin Hincks reports from the Cboe Global Markets to explain the risk-on sentiment seeping back into Wall Street following Wednesday's sell-off. One piece of the macro picture that may be leading to up action is the House passing a long-awaited tax bill. Kevin also turns to Bitcoin's continuing all-time high run.

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Jenny Horne takes a look at positive reports from vastly different companies. The first of which is Urban Outfitters (URBN), which opened at an all-time high after a strong showing in earnings. Jenny notes that price increases aren't off the table, though she points out Urban Outfitters' balance sheet as a big signal of strength. In Snowflake (SNOW), the company rallied over 10% in the premarket as its resiliency in the software space continues.

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Workday (WDAY) earnings are set to be released after Thursday's close. Rick Ducat looks at the cloud technology company's chart from a technical standpoint as shares have run up about 9% this month. Rick demonstrates an example trade with a put vertical strategy using the June 20 strike date.

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Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6D

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Michael Reinking dives into the moves in yields, and the ripple effect in global bond markets. With this week's Moody's credit downgrade of the U.S. and the "big, beautiful bill" progressing in Congress, he says investors are probably "keeping their risk budgets tighter" approaching the summer months. Later, Michael assesses the state of the IPO market and points to possible market catalysts ahead, including the expiry of the 90-day tariff pause with China.

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Jay Woods joins Diane King Hall at the NYSE to discuss this week's volatility as investors eye developments in the bond market as rising yields weigh on equities. He says there's "a lot of wood to chop" before the market can run again. Jay says he's not too concerned about the trading volume seen in recent swings, saying it's partially attributed to seasonality. He has his eyes on next week's Nvidia (NVDA) earnings report as the next key market catalyst.

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