Fed Holds Rates Steady, Nasdaq Slightly Up
The major averages finished the day mostly unchanged, with the Nasdaq marginally higher after the Federal Reserve left the federal funds rate unchanged at 3.50%-3.75%, as was expected. In a statement on the move, the Fed cited unemployment stabilization as a reason to hold rates steady, noting that Fed governors Miran and Waller wanted to cut rates. Meanwhile, investors are positioning ahead of after-hours earnings releases from big tech names including Meta, Microsoft and Tesla, which could set the tone for risk appetite once those reports start rolling in.Looking to commodities, gold continued to surge to record highs, while oil was also on the rise.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Seagatereportedand provided guidance for Q3Texas Instrumentsreportedbut provided an upbeat outlook for Q1AT&Treportedand issued its outlook for 2026-2028Amazonannounced plans toamid "organizational changes"The Federal Reserve left the federal funds rate2. WALL STREET CALLS:Visato Buy from Neutral at Rothschild & Co RedburnKorro Bioto Overweight at Cantor Fitzgerald and to Outperform at OppenheimerCircle Internetto Neutral at Mizuho with Polymarket as a "looming catalyst"PayPalto Sell at Rothschild & Co RedburnBJ's Wholesaleto Hold at Jefferies3. AROUND THE WEB:Blackstoneis mulling a debt investment in Oracle'sdata center project in Michigan, Bloomberg reportsC3 AIis in talks to merge with startup Automation Anywhere, The Information saysTeslaCEO Elon Musk is targeting mid-June for the timing of SpaceX's initial public offering, IPO, FT reportsSoftBankis in talks to invest up to an additional $30B in OpenAI, WSJ saysDeutsche Bank'soffices in Frankfurt and Berlin have been raided by German authorities as part of a money laundering probe that is looking at past dealings by staff with firms linked to the now-sanctioned Roman Abramovich, Bloomberg reports4. MOVERS:Palladynehigher after being awarded a contract by theStrideincreases afterand providing guidance for Q3 and FY26Nextpowerrises afterand raising its guidance for FY26Regenxbiofalls after the FDA placed aRichtech Roboticslower after announcing a5. EARNINGS/GUIDANCE:Starbucksreportedand provided guidance for FY26Corning, with EPS and revenue beating consensusExtreme Networksand provided guidance for Q3 and FY26Scotts Miracle-Gro, with EPS beating consensusBrinkerand raised its guidance for FY26INDEXES:The Dow rose 12.19, or 0.025%, to 49,015.60, the Nasdaq gained 40.35, or 0.17%, to 23,857.45, and the S&P 500 declined 0.57, or 0.0082%, to 6,978.03.
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CoinShares to Begin Trading on Nasdaq via SPAC Merger
- SPAC Merger Listing: CoinShares has completed its merger with Vine Hill Capital and is set to begin trading on Nasdaq on Wednesday, with a valuation of approximately $1.2 billion and a $50 million investment from institutional investors, marking a strategic move for expansion into the U.S. market.
- Challenging Market Environment: Although the crypto IPO market was strong in 2025, CoinShares' listing occurs amid a sector-wide decline, with Bitcoin prices dropping 40% over the past six months, indicating a cautious investor sentiment.
- Profitability and Business Model: CoinShares has been profitable every year since its inception in 2014, primarily generating stable revenue through asset management fees, which provides a stronger resilience compared to trading platforms that rely on transaction-driven income.
- U.S. Market Strategy: CoinShares aims to accelerate its asset management growth through its U.S. listing, with CEO Mognetti emphasizing that despite the unfavorable market conditions, the company is ready to face challenges and is committed to offering diverse digital asset investment products to investors.
"‘Crypto Detective’ Claims Circle Is Lifting USDC Wallet Freeze Related to Confidential New York Case"
Incident Overview: Five out of sixteen frozen wallets have been unfrozen by Circle, linked to a sealed New York civil case, with no public details available.
Affected Wallets: The wallets belong to multiple unrelated businesses, and the unfrozen wallets were restored shortly after Circle's latest actions.
Legal Context: The unfrozen wallets are associated with an ongoing U.S. legal matter, specifically case number 26-cv-2327, which has raised scrutiny over Circle's compliance.
Market Impact: Following the incident, Circle's stock experienced a decline, and retail sentiment around USD Coin shifted from neutral to bearish, reflecting concerns over the company's legal challenges.
GEMI Shares Reach All-Time Low as HOOD, COIN, and MSTR Decline with Bitcoin Falling Below $67,000
Bitcoin Price Drop: Bitcoin has fallen below $67,000, experiencing a nearly 5% decline over the past 24 hours, contributing to a broader sell-off in the cryptocurrency market.
Decline in Major Stocks: Major cryptocurrency-related stocks, including Coinbase and Robinhood, have also seen significant declines, with Coinbase dropping nearly 7% in morning trading.
Market Sentiment: Retail sentiment around cryptocurrencies has turned extremely bearish, with Bitcoin on track for a rare six-month losing streak, while the S&P 500 is facing its fifth consecutive week of losses.
GEMINI's Record Low: Gemini Space Station (GEMI) hit a record low amid the downturn, with its stock down 88% since its debut, and facing legal challenges from shareholders over misleading statements.
Circle Unveils USDC and CCTP Integration with Pharos Network
Announcement of Integration: Circle has announced that USD Coin (USDC) and CCCTP will soon be integrated into the Pharos Network.
Pharos Network Overview: Pharos is a Layer-1 network designed for various applications, including tokenized RWA, institutional-grade DeFi, and stablecoin payments.
David Sacks Exits White House Crypto Position, Leaving CLARITY Act and Bitcoin Reserve Uncertain
CLARITY Act Stalled: The CLARITY Act, aimed at establishing a framework for cryptocurrency markets, remains stalled in the Senate due to disagreements over stablecoin rewards, despite having passed the House in July 2025.
Strategic Bitcoin Reserve: The Strategic Bitcoin Reserve initiative has not progressed beyond an executive framework and still requires congressional approval, with its future uncertain as it awaits legislative action.
David Sacks' New Role: David Sacks has been appointed co-chair of the President's Council of Advisors on Science and Technology, marking the end of his tenure as the White House's AI and crypto czar, while he aims to expand the council's focus beyond AI.
Concerns Over Legislation: Industry participants express concerns that the provisions of the CLARITY Act are overly restrictive and lack clarity, while lawmakers consider additional elements, including potential regulations for community banks and decentralized finance.
Intensifying Competition in the Stablecoin Market
- Volume Shift: USDC's transaction volume reached $2.55 trillion in early 2026, surpassing USDT's $1.49 trillion, indicating a significant increase in USDC's usage that could influence future market dominance.
- Compliance Advantage: Issued by Circle, USDC boasts high transparency with each token backed by cash and short-term U.S. Treasuries, enhancing investor confidence, while USDT's reserve transparency is questioned, potentially impacting its market performance.
- Market Potential: The stablecoin market is projected to grow from $315 billion today to $4 trillion in the next five years, with the USDC-USDT rivalry directly affecting this growth, prompting investors to consider how compliance and transparency will influence market share.
- Investment Opportunities: Users holding USDC face lower risks due to its fully audited reserves, while investing in Circle's stock offers exposure to the growing stablecoin market, reflecting a market preference for compliant stablecoins.
CoinShares to Begin Trading on Nasdaq via SPAC Merger
- SPAC Merger Listing: CoinShares has completed its merger with Vine Hill Capital and is set to begin trading on Nasdaq on Wednesday, with a valuation of approximately $1.2 billion and a $50 million investment from institutional investors, marking a strategic move for expansion into the U.S. market.
- Challenging Market Environment: Although the crypto IPO market was strong in 2025, CoinShares' listing occurs amid a sector-wide decline, with Bitcoin prices dropping 40% over the past six months, indicating a cautious investor sentiment.
- Profitability and Business Model: CoinShares has been profitable every year since its inception in 2014, primarily generating stable revenue through asset management fees, which provides a stronger resilience compared to trading platforms that rely on transaction-driven income.
- U.S. Market Strategy: CoinShares aims to accelerate its asset management growth through its U.S. listing, with CEO Mognetti emphasizing that despite the unfavorable market conditions, the company is ready to face challenges and is committed to offering diverse digital asset investment products to investors.
"‘Crypto Detective’ Claims Circle Is Lifting USDC Wallet Freeze Related to Confidential New York Case"
Incident Overview: Five out of sixteen frozen wallets have been unfrozen by Circle, linked to a sealed New York civil case, with no public details available.
Affected Wallets: The wallets belong to multiple unrelated businesses, and the unfrozen wallets were restored shortly after Circle's latest actions.
Legal Context: The unfrozen wallets are associated with an ongoing U.S. legal matter, specifically case number 26-cv-2327, which has raised scrutiny over Circle's compliance.
Market Impact: Following the incident, Circle's stock experienced a decline, and retail sentiment around USD Coin shifted from neutral to bearish, reflecting concerns over the company's legal challenges.
GEMI Shares Reach All-Time Low as HOOD, COIN, and MSTR Decline with Bitcoin Falling Below $67,000
Bitcoin Price Drop: Bitcoin has fallen below $67,000, experiencing a nearly 5% decline over the past 24 hours, contributing to a broader sell-off in the cryptocurrency market.
Decline in Major Stocks: Major cryptocurrency-related stocks, including Coinbase and Robinhood, have also seen significant declines, with Coinbase dropping nearly 7% in morning trading.
Market Sentiment: Retail sentiment around cryptocurrencies has turned extremely bearish, with Bitcoin on track for a rare six-month losing streak, while the S&P 500 is facing its fifth consecutive week of losses.
GEMINI's Record Low: Gemini Space Station (GEMI) hit a record low amid the downturn, with its stock down 88% since its debut, and facing legal challenges from shareholders over misleading statements.
Circle Unveils USDC and CCTP Integration with Pharos Network
Announcement of Integration: Circle has announced that USD Coin (USDC) and CCCTP will soon be integrated into the Pharos Network.
Pharos Network Overview: Pharos is a Layer-1 network designed for various applications, including tokenized RWA, institutional-grade DeFi, and stablecoin payments.
David Sacks Exits White House Crypto Position, Leaving CLARITY Act and Bitcoin Reserve Uncertain
CLARITY Act Stalled: The CLARITY Act, aimed at establishing a framework for cryptocurrency markets, remains stalled in the Senate due to disagreements over stablecoin rewards, despite having passed the House in July 2025.
Strategic Bitcoin Reserve: The Strategic Bitcoin Reserve initiative has not progressed beyond an executive framework and still requires congressional approval, with its future uncertain as it awaits legislative action.
David Sacks' New Role: David Sacks has been appointed co-chair of the President's Council of Advisors on Science and Technology, marking the end of his tenure as the White House's AI and crypto czar, while he aims to expand the council's focus beyond AI.
Concerns Over Legislation: Industry participants express concerns that the provisions of the CLARITY Act are overly restrictive and lack clarity, while lawmakers consider additional elements, including potential regulations for community banks and decentralized finance.
Intensifying Competition in the Stablecoin Market
- Volume Shift: USDC's transaction volume reached $2.55 trillion in early 2026, surpassing USDT's $1.49 trillion, indicating a significant increase in USDC's usage that could influence future market dominance.
- Compliance Advantage: Issued by Circle, USDC boasts high transparency with each token backed by cash and short-term U.S. Treasuries, enhancing investor confidence, while USDT's reserve transparency is questioned, potentially impacting its market performance.
- Market Potential: The stablecoin market is projected to grow from $315 billion today to $4 trillion in the next five years, with the USDC-USDT rivalry directly affecting this growth, prompting investors to consider how compliance and transparency will influence market share.
- Investment Opportunities: Users holding USDC face lower risks due to its fully audited reserves, while investing in Circle's stock offers exposure to the growing stablecoin market, reflecting a market preference for compliant stablecoins.
