Down more than 1% at its lowest levels this morning, the Nasdaq managed to close with a 0.2% gain, led by a 3.65% advance for Nvidia.
Stocks managed to bounce even as oil shot higher by almost 7% and bond yields rose near multi-year highs following the collapse of the Iran ceasefire.
Crypto saw no such afternoon buying, though, with bitcoin still near the day's low at $62,100, down 2.4% over the past 24 hours. Ether (ETH) and XRP (XRP) were down similarly.
In crypto-related stocks, Strategy (MSTR) fell 3.6% and Coinbase (COIN) dipped 2.5%. Robinhood (HOOD), Gemini (GEMI), and Galaxy Digital (GLXY) all managed small gains.
SpaceX (SPCX) fell to another new post-IPO low on Wednesday, trading as weak as $145.20. The price was 145.46 at press time, down 2.7% for the session.
At that price, it's just 8% above its IPO price of $135. SPCX's record high — hit in the days just after its mid-June public offering — was $225.64.
The hawkishness of the Fed's June policy meeting is old news, so markets aren't really reacting to the official release of the minutes.
Most participants expressed concern about inflation, with a few wanting to hike rates right away, but ultimately agreeing with the rest to hold policy for the time being.
"Core goods price inflation had risen relative to a year earlier, which the staff judged as largely reflecting the effects of tariffs and AI-related price pressures," according to the minutes.
Bond yields remain sharply higher for the day on the big rise in oil prices. The Nasdaq has returned to flat after being down 1% earlier in the session (the bounce came prior to the Fed minutes release). Bitcoin remains down 2.8% over the past 24 hours at $62,200.
TeraWulf (WULF) CFO Patrick Fleury forcefully criticized a valuation model from short seller Jim Chanos during a podcast on Tuesday. Fleury argued Chanos overstated the company's future maintenance capital spending by assuming $1 million to $1.5 million per megawatt annually, which he called "ridiculous."
According to Fleury, TeraWulf's role is limited to providing the data center shell along with power and water, while tenants own and upgrade the computing equipment. That means technology refresh costs are borne by customers rather than TeraWulf.
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