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Tech News
Strategy, the company led by Michael Saylor that holds large bitcoin reserves on its balance sheet, has recovered financially after facing warnings this summer that it was heading toward a crisis. Analysts had raised concerns about a potential downward spiral tied to its bitcoin-heavy strategy, but the company has since returned to positive territory.
Treasury Secretary Scott Bessent opened G20 finance minister talks in Asheville, North Carolina, seeking backing for new sanctions on Iran, including targeting another bank as part of an effort he calls 'Operation Economic Outcast.' The meeting unfolds against a backdrop of renewed U.S.-Iran hostilities and strained trade relations with allies like Canada following tariff escalations.
Bitcoin's price climbed this week alongside growing attention to U.S. Treasury debt buyback programs and an expansion of American sanctions policy. Investors appear to be reacting to signs of strain within the dollar-based financial system, pushing more capital toward crypto as a hedge.
Dick's Sporting Goods shares dropped 15% pre-market after the retailer missed second-quarter earnings expectations and cut its full-year outlook for Foot Locker, whose comparable sales fell 3.6%. Meanwhile, Nvidia announced its Groq 3 LPX rack is entering full production later this year, the first commercial payoff from its $20 billion Groq acquisition, even as its stock posted a seventh straight day of losses ahead of Wednesday's earnings report.
The Trump administration's Treasury Secretary Scott Bessent moved to boost bond purchases last week, hoping to push yields down and ease the government's debt-servicing burden. Yields dipped briefly but climbed back to pre-intervention levels by Friday, with the 30-year bond trading near multi-decade highs. Trump has responded by attacking the Federal Reserve and even threatening Switzerland over its lower rates.