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The 8,000 level on the S&P 500 is no longer far away. 📈 The index closed at a record 7,798.99, up 0.7%, after briefly moving above 7,800 for the first time. It is now up nearly 14% this year. July PPI added fuel to the rally: Headline PPI was flat month-over-month. YoY PPI slowed from 5.5% to 4.7%. Energy prices fell sharply. Services inflation remained sticky, so inflation risks haven’t disappeared. The labor market is also cooling gradually. Initial jobless claims rose to 209K, but layoffs remain historically low. Lower Treasury yields helped equities as markets reduced expectations for a near-term rate hike. Meanwhile, strong earnings and AI-related growth continue to support stocks. Citi’s 8,100 year-end S&P 500 target is now less than 4% above current levels. The bigger question is whether this rally can continue. Valuations are elevated, market breadth is narrowing, and investors are becoming increasingly dependent on AI-driven earnings growth. The next major catalyst is Jackson Hole on Aug. 27. Any change in the Fed’s inflation outlook could quickly move yields, equities and crypto. For Bitcoin, softer inflation is generally supportive because it can improve liquidity and risk appetite. But with stocks already near record highs, one hotter inflation print or weaker earnings report could trigger a sharp risk-off move. Will BTC continue following equities, or will crypto-native catalysts take control again? 👀 $BTC $ETH $SPY #Crypto #Bitcoin #SP500Hits7700 #SP500Nears8000 #CLARITYSECRulesDelayed