Midday Markets: Crypto Stocks Surge as Bitcoin Tops $77K; Tesla Jumps Over 5% on Robotaxi Approval

U.S. stocks traded broadly higher on August 21, with all three major indices in positive territory. As of midday, the Dow rose about 0.81%, the S&P 500 gained roughly 0.51%, and the Nasdaq added approximately 0.33%. The Philadelphia Semiconductor Index bucked the trend, slipping 1.18%. Bitcoin surged past the $77,000 mark, fueling a rally across crypto-exposed equities, while Tesla soared over 5% on fresh robotaxi catalysts.

Crypto-linked stocks dominated the session as the strongest group. Robinhood led the entire market with a gain of over 14%, while Coinbase climbed more than 4%. Tesla's advance also lifted the broader electric vehicle space. Meanwhile, semiconductor names broadly retreated under pressure from rising bond yields, with Nvidia and AMD posting modest declines.

Crypto Stocks Rally Across the Board; Robinhood Soars Over 14%

As of midday, Robinhood (HOOD) surged 14.11% to $108.52; Coinbase (COIN) advanced 4.12% to $245.30; MARA edged up 1.04% to $11.27; and SoFi Tech gained 5.64% to $18.93.

Bitcoin broke through the $77,000 level, marking its highest since May 27 and extending its five-day rally past 20%. Sentiment was bolstered by the U.S. Treasury's expanded liquidity support for the government bond market and former President Trump's meeting with crypto industry leaders, where he urged the passage of supportive legislation. Bridgewater Associates founder Ray Dalio separately recommended that investors allocate up to 15% of their portfolios to gold and bitcoin as a hedge against a potential U.S. debt crisis.

Tesla Jumps Over 5% as Robotaxi Plans Accelerate

As of midday, Tesla (TSLA) rallied 5.51% to $364.16 on volume exceeding 42 million shares. Rivian (RIVN) climbed 6.03% to $16.98, and Uber (UBER) added 1.85% to $72.15.

Nevada approved Tesla to deploy up to 5,000 robotaxis in Clark County, while the company plans to officially launch its Cybercab in Austin, Texas, with test ride services opening to the public by month-end. JPMorgan views Robotaxi as a pivotal turning point for Tesla, noting that technical resistance sits near the $365–$370 range, with a breakout potentially opening a path toward $400.

Semiconductor Sector Softens Broadly; Intel Drops Nearly 2%

As of midday, Nvidia (NVDA) slipped 0.43% to $215.92; AMD fell 0.95% to $135.45; Intel (INTC) dropped 1.75% to $90.52. The Philadelphia Semiconductor Index declined 1.18%.

Rising bond yields weighed on high-valuation tech stocks. On the positive side, a TSMC vice president recently purchased 2,350 shares for roughly $174,000, signaling internal confidence. TSMC previously reported a 36.05% year-over-year revenue jump with gross margins reaching 67.72%.

Elsewhere, Alibaba (BABA) tumbled 8.18% to $119.85, dragging Chinese ADRs broadly lower. Moderna (MRNA) gained 5.11%. On the macro front, spot gold breached the $4,600 level, with Goldman Sachs maintaining its year-end $4,900 target while cautioning that two-way volatility risks are intensifying. Dalio warned that a U.S. debt crisis could erupt within three years and advised reducing bond holdings in favor of gold and bitcoin.