Bank OF America

Regulated perpetual futures are moving into American markets after becoming a dominant product in global crypto trading. Trading firms and exchanges are pushing ahead, while large banks remain cautious over liquidity, regulation, clearing and infrastructure.

The S&P 500 and Nasdaq ended higher as Meta and Nvidia powered another AI-led advance, though lighter volume raised questions about conviction. Bank earnings, June inflation data and congressional testimony from Kevin Warsh now form the next major test for a market trading near record territory.

Major brokerages have begun formal coverage of SpaceX after the 25-day post-IPO quiet period expired, with most firms issuing buy-equivalent ratings. Price targets range from $205 to $800 as analysts focus on launch services, Starlink broadband and government contracts.

The Russell 2000’s second-half setup rests on whether companies can validate a major earnings growth revision as quarterly results arrive. A late-July Federal Reserve decision and the risk of another rate increase could determine whether small-cap momentum extends or quickly unwinds.