Stocks Climb on Strong Retail Data, Crypto Legislation, Tesla and Oil Slip Late

U.S. equities advanced Thursday as investors digested solid retail spending data and a major legislative win for cryptocurrency regulation, while late-day volatility in commodities weighed on broader sentiment.

The Dow Jones Industrial Average gained 230.32 points, or 0.52%, to finish at 44,485.1. The Nasdaq Composite jumped 153.78 points, or 0.74%, to 20,884.3, and the S&P 500 rose 33.76 points, or 0.54%, to 6,297.46. The Russell 2000 outperformed with a 1.29% gain.

📺 The office rebound in NYC, San Francisco, and other major cities

The rally was underpinned by encouraging June retail spending numbers. According to official data, consumer spending rose 0.6% last month, with core spending—excluding gas—up 3.9% year-over-year. This reinforced investor confidence that U.S. consumers remain resilient despite inflationary pressures and shifting purchasing behaviors.

Market sentiment was also buoyed by the passage of the GENIUS Act in the House of Representatives, which cleared the chamber on a 308-122 vote. The bipartisan legislation creates a federal framework for regulating stablecoins, giving oversight authority to the Treasury Department. It mandates 1:1 reserves, financial audits, and a mix of state and federal compliance. The bill, already approved by the Senate, is expected to be signed by President Donald Trump in the coming days.

The legislation’s progress is seen as a foundational move for broader cryptocurrency regulation, a goal of the House GOP’s "Crypto Week" agenda. While the GENIUS Act targets stablecoins, market participants view it as a precursor to the more expansive CLARITY Act. Crypto advocates argue that the GENIUS Act boosts confidence in dollar-backed digital assets and signals Washington's willingness to embrace digital finance frameworks.

However, not all sectors shared in the day’s optimism. Gold futures for August delivery edged down $13.70, or 0.41%, to $3,345.40 per ounce by 3:32 PM ET, with the precious metal under pressure amid rising Treasury yields and renewed risk appetite. Oil markets saw a more dramatic reversal: after trading sharply higher for most of the session, Crude Oil (August contract) plunged in the final hour to settle at $66.29 a barrel, up just 1.69% on the day but well off its highs .

Tesla remained in focus following ongoing concerns over CEO Elon Musk’s political distractions and corporate governance. The stock fell 0.70% to $319.41 amid new scrutiny surrounding Musk’s formation of the "America Party" and the company’s controversial move to Texas, which limits shareholder litigation. Analysts remain divided: Wedbush’s Dan Ives reiterated a bullish $500+ price target citing AI and robotaxi optimism, while UBS’s Joseph Spak cut his target to $215 on execution risks and governance issues.

Elsewhere, Amazon’s AWS unit announced layoffs affecting support and training teams, part of CEO Andy Jassy’s broader cost-cutting effort and push toward AI-driven operational efficiency. The move follows similar actions from Microsoft, Meta, and Intel amid rising AI infrastructure costs and a shifting labor landscape.

Palantir Technologies surged 2.45% to a 52-week high of $155.68 on robust AI-driven commercial growth and new partnerships. Options volume soared as traders bet on continued strength despite valuation concerns, with the stock trading at a 406x forward P/E.

In summary, equity bulls took control Thursday, emboldened by healthy retail data and progress on crypto regulation. Yet sector-specific risks in tech governance, commodities, and corporate restructuring continue to pose headwinds for selective investors.

📺 “The worst thing you can do is keep doing what works.”