Futures Rise, Bitcoin Nears $80,000 as Markets Navigate OpEx, Treasury Intervention

US equity futures gained Friday morning and bitcoin pushed to a multi-year high, approaching the $80,000 mark, as markets headed into monthly option expiration amid a volatile week defined by rising bond yields and a Treasury intervention.

S&P 500 futures were 0.4% higher and Nasdaq 100 contracts rose 0.6% as of 8:15 a.m. Eastern time, according to Zero Hedge. The gains followed a mixed session Thursday and set up a potential second weekly win for the major indexes after last week’s record highs.

Bitcoin rallied as much as 9.4% and briefly traded just shy of $80,000 before paring gains, Zero Hedge reported. The move put the largest cryptocurrency on track for its best weekly advance since 2023 — a surge driven largely by a short squeeze after Treasury Secretary Scott Bessent’s midweek announcement that the department would ramp up purchases of long-dated government bonds, the outlet said.

“Today is the monthly option expiration day,” Zero Hedge noted, “so expect low volume volatility around key pin levels.”

**Wall Street Closes Higher on Friday**

The cash session Friday delivered a solid recovery from a rocky week. The S&P 500 rose 33.21 points, or 0.4%, to 7,674.37 — only its second gain in six sessions since hitting an all-time high last week. The Dow Jones Industrial Average jumped 517.80 points, or 1%, to 53,277.01, and the Nasdaq composite added 113.29 points, or 0.4%, to 26,180.45.

The gains came despite lingering unease in the bond market, which has been the central source of turbulence on Wall Street. The yield on the 10-year Treasury climbed to 4.73% from 4.69% late Thursday, according to the Associated Press, and the 30-year yield approached its highest level since 2007. The move reversed a brief dip earlier in the week following the Treasury’s surprise repurchase announcement, which analysts had warned would likely have only a temporary effect.

“The surprise decision by the Treasury Department to increase its repurchase program this week sent the clear message to investors that rising yields matter now,” said Mike O’Rourke, chief strategist at JonesTrading, as quoted by Zero Hedge. “While the Treasury market has been soft since the election, we do not view it as dire. The Treasury drawing attention to it may turn it into a problem.”

**Geopolitics and Oil Add Pressure**

Contributing to Friday’s yield rise was continued uncertainty over the war with Iran and its impact on oil shipments from the Persian Gulf. Brent crude settled at $92.67 a barrel, up 0.8%. Higher oil prices feed inflation concerns, which in turn push Treasury yields higher. Concerns about fast-rising US government debt have also been a persistent upward force on yields.

A brief respite came in premarket trading when Zero Hedge reported that Iran’s president said “better to end war today with dignity,” though the outlet noted the official has made similar comments before and the statement is not seen as a meaningful de-escalation signal.

**Gold, Crypto, and Commodity-Linked Stocks Surge**

Gold briefly topped $4,690 per ounce, up from less than $4,440 a week earlier, boosted by a weaker US dollar following the Treasury buyback announcement. Mining stocks rallied: Newmont rose 3.1% and Freeport-McMoRan jumped 7.6%, according to the AP report.

Bitcoin climbed above $77,000, the AP said, up from less than $63,000 a week ago. Cryptocurrency-related stocks were among the strongest performers Friday. Robinhood Markets jumped 13.7% and Coinbase Global gained 8.2%, the AP reported. Zero Hedge noted Coinbase rose 5% in premarket and Strategy (formerly MicroStrategy) climbed 8%.

**Earnings and Individual Movers**

Ross Stores led the broad advance, rising 4.4% after reporting quarterly profit and revenue that beat analyst expectations. CEO Jim Conroy said the off-price retailer attracted more new customers and saw stronger engagement from existing shoppers, while also benefiting from tariff refunds.

On the downside, OSI Systems — which sells security screening equipment to airports — fell 5.2% after reporting weaker-than-expected quarterly revenue. CEO Ajay Mehra said the company was hurt by “the Middle East conflicts which shifted the timing of certain planned deliveries.” Boston Beer sank 2.6% after announcing its CFO is leaving.

In premarket action Friday, Zero Hedge reported that Flowers Foods fell 4% after cutting its full-year earnings forecast, while O-I Glass rose 5% on a Citi upgrade. Broadcom was in talks with lenders to raise as much as $100 billion through a special-purpose vehicle financing deal to benefit Anthropic and other AI companies, the outlet said, and Samsung Electronics said it expects to return up to 110 trillion won ($79 billion) to shareholders this year.

**ASX Futures Point Higher**

The Australian sharemarket is set to open higher, with futures on Saturday pointing to a gain of 41 points, or 0.5%, according to the AP report. The Australian dollar strengthened to US71.64¢. Local reporting season continues Monday with Ampol and Bendigo and Adelaide Bank among the companies due to report. Markets remain focused on any breakthrough in the Middle East.

“Equity markets are vacillating between concerns about the tech sector and rising bond yields, though today, both seem to have declined,” Joachim Klement, a strategist at Panmure Liberum, told Zero Hedge.