Perpetual futures are impacting trading hours on Wall Street and the profit structure of derivatives. The U.S. Commodity Futures Trading Commission (CFTC) has approved the Bitcoin perpetual contract from CalciEX, effective May 29, 2026. This contract references the spot price of BTC and features a 24-hour trading and settlement system. Unlike traditional futures, it has no expiration date and adjusts price differences through funding costs. The Chicago Board Options Exchange (Cboe) has announced continuous futures for BTC and Ethereum, while Robinhood has stated it will offer perpetual products linked to gold, silver, and crude oil in Europe. S&P Dow Jones Indices has granted a license for S&P 500 perpetual contracts to Trade.xyz. Following the CFTC's approval, shares of U.S. exchanges fell, and the CEO of CME Group warned that perpetual futures could pose systemic risks. The CFTC noted that perpetual contracts may not be suitable for all asset classes. Robinhood's Korea-linked ETF perpetual products could also affect domestic investors.
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U.S. major indexes closed lower yesterday. Walmart’s weaker-than-expected same-store sales and guidance weighed on the consumer sector and dragged the three major averages lower. Silver and platinum rose sharply, supported by lower yields from expanded long-bond buybacks and a softer dollar. Bitcoin climbed toward $75,000, lifting crypto-related equities. Markets are now focused on the August S&P Global Manufacturing and Services PMI flash readings due on August 21 U.S. Eastern Time, which will directly influence September rate-path pricing.






Expanded U.S. Treasury long-bond buybacks helped pull yields lower and supported a modest rebound in risk appetite, with the major indexes closing slightly higher. At the same time, Bitcoin briefly rose above $70,000 and lifted crypto-linked equities, while positive Phase 3 vaccine data from Merck and Moderna pushed healthcare and biotech stocks higher. SK Hynix’s large-scale buyback also kept attention on the storage cycle and AI-related demand. Markets are continuing to digest the relatively hawkish Fed minutes while positioning ahead of earnings from Alibaba and Walmart.

