Stocks may be at all-time highs, but speculative froth isn't

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The market keeps pushing higher. But does that also mean speculation is running rampant without the support of fundamentals?

A surprising survey from S&P Global Market Intelligence showed risk appetite actually decreased in August, highlighting flagging investor sentiment and a return to levels of risk avoidance last seen during the "Liberation Day" doldrums of April.

But from the perspective of Wall Street bulls, the languishing mood reflected a moment to regroup and a base from which investors could build the next rally.

Even with fresh highs, and the idea of the S&P crossing 7,000 back on the table, the current rush hasn't hit a dangerously speculative level, according to analysis by DataTrek co-founder Nicholas Colas.

By using S&P 500 sector correlations to the index as a sign of near-term peaks in investor confidence, Colas accurately called the tops in 2023 and 2024, as well as February 2025. "History suggests that we are heading towards an unhealthy level of investor optimism but are not there just yet," Colas wrote in a note to clients this week. Yahoo Finance reports.

💵 Crypto exchange Bullish valued at nearly $13.2 billion in blowout NYSE debut:

Cryptocurrency exchange operator Bullish was valued at about $13.16 billion after its shares more than doubled in their NYSE debut on Wednesday, underscoring investor confidence in the sector and lifting prospects for future U.S. listings by other digital asset firms.

The parent of crypto news website CoinDesk raised $1.11 billion in its IPO, valuing the company at $5.4 billion - another sign of mainstream adoption in a market that recently topped $4 trillion. Reuters reports.

🚜 Deere's quarterly profit falls as US tariffs hit farm equipment margins:

Farm-equipment maker Deere & Co reported a lower third-quarter profit and tightened its annual profit forecast on Thursday, pressured by headwinds from U.S. tariffs and muted demand.

Shares of the world's largest farm-equipment maker fell about 4.5% in premarket trading.

U.S. President Donald Trump's sweeping tariffs have impacted companies across sectors, with the manufacturing and industrial firms taking the biggest hit.

Global companies that reported between July 16 and August 8 have projected a combined financial hit of $13.6 billion to $15.2 billion for the full year, a Reuters' global tariff tracker shows. Yahoo Finance reports.

👞 Birkenstock's profit beats estimates on strong footwear demand at full price:

Birkenstock beat third-quarter profit expectations on Thursday on strong demand for its clogs and shoes at full price, and said it was well placed to manage the hit from a 15% U.S. tariff on European imports.

Shares of the German sandal maker jumped 5% in premarket trading as it also stuck to its annual margin forecast despite a "significantly weaker" dollar.

Birkenstock's suede leather closed-toe Boston clogs, which sell at $179.95 online, have seen firm demand from wealthy shoppers despite price increases, boosting its gross margin by 100 basis points to 60.5%. Reuters reports.

🛒 Why Amazon’s ‘major’ grocery expansion is bad news for delivery apps and retailers:

Just last week, shares of delivery platforms Instacart and DoorDash Inc. were rallying - as the former works harder on grocery-delivery personalization, and the latter expands its services in supermarkets.

Analysts were also praising Costco Wholesale Corp. after last month’s strong sales trends.

But on Wednesday, shares of those companies took a hit after Amazon announced what it called a “major” grocery expansion that Wedbush analysts called a “shot heard round the warehouse” - cranking up the pressure on gig-economy apps and traditional retailers alike. MarketWatch reports.

🍕 Cava, Chipotle and other fast-casual restaurant chains are finally hit by consumer slowdown:

Cava stock tumbled 16% in afternoon trading on Wednesday, making it the latest fast-casual chain to feel Wall Street’s wrath after reporting disappointing quarterly sales.

A year ago, eateries like Chipotle Mexican Grill and Cava were reporting double-digit same-store sales growth, even as the broader restaurant industry posted falling traffic and slumping sales.

But times have changed. This spring, fast-casual chains saw foot traffic decline as sales slowed down or even shrank.
To explain the downturn, executives have said that diners are “cautious,” in the words of Sweetgreen CEO Jonathan Neman, or dealing with an economic “fog,” according to Cava CFO Tricia Tolivar. CNBC reports.

📊 Trump-fueled crypto frenzy sparks rush to Wall Street IPOs:

After years of sitting on the sidelines, U.S. crypto companies are lining up to go public, buoyed by friendly policies under President Donald Trump's second administration that have pushed the value of global cryptocurrencies to a record $4.2 trillion.

Bullish, a cryptocurrency exchange operator that counts billionaire Peter Thiel among its backers, was the latest to tap U.S. public markets on Wednesday, raising over $1.1 billion.

Analysts point to rising mainstream adoption and deep-pocketed corporate backers as forces reshaping the sector's fundraising landscape and boosting demand for new crypto stocks.

Circle went public in June in a blowout NYSE debut, with shares more than doubling at the open to value the stablecoin issuer at about $18 billion. Stablecoins are a type of cryptocurrency pegged to a fiat currency, usually the dollar. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $SNOA: Sonoma Pharmaceuticals
Total gain: +159.50%

2) $XPON: Expion360
Total gain: +102.29%

3) $XOS: Xos
Total gain: +49.57%

4) $IVP: Inspire Veterinary
Total gain: +40.04%

5) $AERT: Aeries Technology
Total gain: +36.50%

The closing price of the top three market percent gainers trading near or above $3 on August 13.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $BSLK: Bolt Projects Holdings
Total gain: +530.26%
Bolt’s second quarter 2025 revenues from its Vegan Silk Technology Platform rose twenty-three-fold year-over-year to $1.3 million, reflecting strong commercial momentum. The company reported a positive gross profit, exceeding its internal forecast, and introduced gross profit guidance of $0.5 million for 2025 and $1.0 million for 2026. Benzinga reports.

2) $RSLS: Reshape Lifesciences
Total gain: +60.35%
The company announced that The Nasdaq Stock Market has approved its listing, contingent upon the completion of its previously announced merger with ReShape Lifesciences (Nasdaq: RSLS). The listing is expected to become effective with the start of trading on Friday, August 15, 2025, under the name Vyome Holdings, Inc., using the ticker symbol “HIND.” Yahoo Finance reports.

3) $BTCM: BIT Mining
Total gain: +32.05%
The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars


AMCR: Amcor
4Q 2025
Before Market Cap
Estimate: 0.210
Actual: 0.200

NICE: NICE
2Q 2025
Before Market Cap
Estimate: 2.760
Actual: 3.010


VIPS: Vipshop Holdings
2Q 2025
Before Market Cap
Estimate: 0.490
Actual: 0.570

Time (ET) | Report | Period

8:30 am - Initial jobless claims - Aug. 9

8:30 am - Producer price index - July

8:30 am - Core PPI -July