Markets

Monday: Metals and Crypto Lead Repricing, While Tech Remains Weak

By Walid Mograbi · 2026-08-24 · 3 min read

Before the open, the picture points to pressure in tech, a clearer rebound in Bitcoin and metals, and an economic calendar that starts tomorrow.

Quick Take

• Observed facts: S&P 500 futures are down 0.60% and Nasdaq 100 futures are down 0.74% before the open.
• Observed facts: Bitcoin is up 5.17% and Ethereum is up 4.68%.
• Observed facts: Gold is up 4.54%, silver is up 4.81%, while crude oil is down 0.22%.
• Interpretation: The cleanest read is a defensive rotation: tech is weaker, while digital assets and metals are attracting bids.

What Matters Now

• Nasdaq 100 futures at 29,294 versus the 29,512.75 reference close remain the fastest signal for whether tech pressure persists or fades.
• Bitcoin at 76,809.64 and Ethereum at 2,435.15 suggest the rebound is still alive and may be reflecting selective risk appetite rather than a broad risk-on move.
• Gold at 4,693 and silver at 68.895 point to a stronger hedge bid in metals.
• The next focus is the calendar: August 25 new home sales at 10:00, August 26 durable goods at 8:30, and August 27 advanced economic indicators at 8:30 plus steel imports at 10:00.

From Yesterday to Today

• The digital rebound was already present yesterday, but today it is clearer, with Bitcoin and Ethereum moving higher more decisively.
• Tech pressure has not eased; Nasdaq 100 futures remain weaker than S&P 500 futures.
• Metals have moved from ordinary hedging into a more obvious lead role, especially gold and silver.
• What has changed less is crude oil, which remains close to flat, and volatility, which is still relatively subdued despite the cross-asset divergence.

Market Drivers

• The documented package does not show a clear immediate Federal Reserve event today, so the market is leaning more heavily on relative moves across assets.
• Any surprise in yields would likely matter first for tech, since Nasdaq 100 is currently the weakest major leg.
• Continued strength in gold and silver could keep hedging in the foreground, while oil remains a less important driver for now.

Economic Calendar

• August 25, 10:00: New home sales for July. This is a read on residential demand.
• August 26, 8:30: Durable goods for July. This matters because it hints at capital spending and manufacturing sensitivity.
• August 27, 8:30: Advanced economic indicators for July. This combines several early signals on growth and demand.
• August 27, 10:00: Steel imports for consumption for July. This helps with the read on trade and heavy industry.

What to Watch

• Whether the decline in tech futures widens or stays contained before the open.
• Whether gold and silver hold their early gains or quickly face profit-taking.
• Whether Bitcoin keeps its relative strength or gives back ground if yields firm up.
• Whether the 10-year yield remains near 4.738 or starts to pressure growth valuations again.