US equities closed higher, registering gains across major indices. The upward momentum provided a positive backdrop for stocks broadly but resulted in a mixed performance among cryptocurrency-related equities, influenced by Tesla’s revenue results and fluctuating investor sentiment.
The Dow Jones Industrial Average advanced 1.1%, the S&P 500 increased by 0.78%, and the Nasdaq Composite saw a 0.6% gain.
Tesla reported a 0.14% increase in its regular trading session. However, its shares reversed sharply in after-hours trading, plummeting 4.42% after the company disclosed second-quarter revenue of $22.496 billion. This figure represented a decline compared to revenue reported in the same period last year.
Crypto mining and related equities displayed divergent paths. Bitmine Immersion (BMNR) declined by 2.06% and SharpLink Gaming (SBET) dropped 5.8%. Conversely, Bit Digital (BTBT) saw a notable gain of 2.75%, and Circle shares rose 2.07%.
Broader crypto market proxies Coinbase and MicroStrategy both closed lower, shedding 1.6% and 3.22% respectively. This variance underscores cautious and mixed investor sentiment within the sector, contrasting the gains in the broader market indexes.