Bitcoin Tops $80,000 as oil slides on Hormuz developments

U.S. equities edged higher Tuesday, clawing back part of Monday’s AI-infrastructure rout as chipmakers rebounded and a sharp slide in crude oil pulled Treasury yields lower.

President Donald Trump said on Truth Social that the U.S.

Navy removed “all mines” from the Strait of Hormuz.

A day earlier, Treasury Secretary Scott Bessent threatened to impose sanctions on banks and companies that facilitate trade with Iran.

West Texas Intermediate crude slid 3.4% to $82.11 a barrel, extending losses below $82 for the first time in weeks.

Brent crude fell 3.7% to $88.81, breaking back under the $90 threshold.

Energy Price Retreat Takes Pressure Off the Long End The 10-year Treasury yield eased to 4.65%, down 6 basis points and off the 20-month high of 4.75% struck on Aug.

21.

The 30-year fell 5 basis points to 5.18%, and the two-year slipped 2 basis points to 4.21%.

Across U.S. equity markets by midday Tuesday, gains were narrow and tech-led, with defensives and retail lagging badly.

The S&P 500 rose 0.3% to 7,673, while the Dow Jones Industrial Average added 64 points, or 0.1%, to 53,481.

The Nasdaq 100 outperformed, climbing 0.7% to 29,214 as AI-linked names bounced from Monday’s aggressive drawdown.

Within Magnificent Seven stocks, Nvidia Corp. (NASDAQ: NVDA ) rose 1.5% to $211.67 ahead of Wednesday’s fiscal second-quarter report.

Gold was little changed, easing 0.2% to $4,644.92 an ounce, with silver down 0.5% at $68.62.

Bitcoin (CRYPTO: BTC) briefly topped $80,000, and is now up 25% for the month.

Read Also: Canada Fires Back At Trump: Up to 50% Tariffs on $20 Billion of US Goods Tuesday’s Performance In Major US Indices Index Last % Change MTD YTD S&P 500 7,673.49 +0.3% +2.5% +12.1% Dow Jones 53,480.71 +0.1% +1.9% +11.3% Nasdaq 100 29,214.23 +0.7% +3.3% +15.7% Russell 2000 3,004.24 +0.3% +2.5% +21.1% Updated by 12:15 PM ET According to the Pro platform: The Vanguard S&P 500 ETF (NYSE: VOO ) rose 0.3%.

The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) edged up 0.1%.

The Invesco QQQ Trust (NASDAQ: QQQ ) climbed 0.7%.

The iShares Russell 2000 ETF (NYSE: IWM ) gained 0.2%.

Chip Stocks Rebound Cheaper oil pulled inflation expectations lower and took the pressure off long-end yields ahead of Fed Chair Kevin Warsh’s closely watched Jackson Hole speech on Friday.

Tech and chip stocks took the bid.

Super Micro Computer Inc. (NASDAQ: SMCI ) rallied 8.8% to $38.26, rebounding alongside the broader AI-server complex after Monday’s rout.

Advanced Micro Devices Inc. (NASDAQ: AMD ) rose 4.8%, Marvell Technology Inc. (NASDAQ: MRVL ) added 5.2% and Micron Technology Inc. (NASDAQ: MU ) gained 2.0%.

Oklo Inc. (NYSE: OKLO ) climbed 8.4% to $43.02, riding a broad bid across AI-power names that pushed the Nuclear Energy Index up 4.9%.

Bloom Energy Corp. (NYSE: BE ) rose 5.9% and IREN Ltd. (NASDAQ: IREN ) added 5.9% in the same trade.

The Technology Select Sector SPDR Fund (NYSE: XLK ) led all sectors with a 0.9% gain, followed by the Communication Services Select Sector SPDR Fund (NYSE: XLC ) at 0.5% and the Health Care Select Sector SPDR Fund (NYSE: XLV ) at 0.4% Defensives and Energy Were a Drag The Consumer Staples Select Sector SPDR Fund (NYSE: XLP ) fell 1.2%, the worst performer of the session.

The Energy Select Sector SPDR Fund (NYSE: XLE ) slid 0.9% alongside the crude unwind.

And the Materials Select Sector SPDR Fund (NYSE: XLB ) eased 0.4%.

At the industry level, the iShares Biotechnology ETF (NASDAQ: IBB ) topped the board with a 1.8% advance, followed by the VanEck Semiconductor ETF (NASDAQ: SMH ) at 1.5% and the Invesco WilderHill Clean Energy ETF (NASDAQ: PBW ) at 1.5%.

The VanEck Gold Miners ETF (NYSE: GDX ) and the SPDR S&P Metals & Mining ETF (NYSE: XME ) each rose about 1.3%.

On the other side, the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE: XOP ) dropped 1.3%, the SPDR S&P Retail ETF (NYSE: XRT ) fell 1.2%.

Dick’s: The Session’s Blow-Up DICK’S Sporting Goods Inc. (NYSE: DKS ) cratered 28.1% to $128.95.

The retailer reported second-quarter adjusted EPS of $3.53 on revenue of $5.59 billion, both short of consensus.

It slashed full-year adjusted EPS guidance to $11.00-12.00 against a $14.20 Street estimate.

The company also cut its revenue outlook to $21.9-22.2 billion, down from the $22.35 billion expected, citing a more promotional environment in athletic footwear and a thinner product-launch calendar.

Pro-forma comparable sales at the acquired Foot Locker business fell 3.6%.