Coinbase Stock Climbs as Cryptocurrency Prices Surge

• The S&P 500 slipped less than 0.1% on Thursday, May 22, after the House narrowly passed the Republicans’ “big beautiful” tax and spending bill.

• The House’s budget proposal would roll back various incentives for clean energy projects, and shares of renewable energy companies fell.

• Shares of Coinbase and other cryptocurrency-related companies pushed higher as the price of bitcoin hit an all-time high.
  

Major U.S. equities indexes were mixed on Thursday after the House of Representatives passed a far-reaching budget bill that includes significant tax cuts and reduced spending on government health care and food assistance programs. The proposed budget will now head to the Senate, where it could see changes and amendments.

After wavering throughout the trading session, the S&P 500 was unable to sustain an afternoon rally, and the benchmark index closed with a daily loss of less than 0.1%. The Dow was also essentially flat for the day, closing down a single point, while the Nasdaq held onto a gain of 0.3%.

Shares of renewable energy companies plummeted as the bill approved by the House would essentially eliminate an array of clean energy initiatives enacted during the Biden administration. The legislation includes a phase-out of tax credits for wind and solar projects in 2029, years earlier than a previous version of the bill. Shares of solar equipment maker Enphase Energy (ENPH) plunged 19.6%, losing the most of any S&P 500 stock on Thursday. Shares of renewables-focused power generator NextEra Energy (NEE) were down 6.4%.

The Centers for Medicare & Medicaid Services (CMS) said it well step up its audits of Medicare Advantage plans, in line with efforts to target fraud, waste, and abuse in federal health care programs. Shares of major health insurers came under pressure following the announcement. Humana (HUM) stock dropped 7.6% on Thursday.

Williams-Sonoma (WSM) reported better-than-expected quarterly sales and profits, but its gross margins came in below forecasts. Shares of the cookware and home goods retailer declined 4.5%. The home to Pottery Barn, West Elm, and its namesake stores left its full-year outlook intact, even as it cited incremental costs related to the current tariff environment.

Bitcoin prices (BTCUSD) notched a new record high, boosted by Congressional progress on cryptocurrency legislation and signals of increasing acceptance by traditional financial heavyweights. The surging prices helped lift cryptocurrency-related stocks. Shares of Coinbase Global (COIN), operator of the largest U.S.-based crypto exchange by volume, jumped 5% to secure the top performance in the S&P 500 on Thursday.