Equities are closing the week on a high note, with strong corporate earnings offsetting policy uncertainty. Gold is seeing a decisive pullback after a powerful rally, Asian markets are showing surprising resilience, and crypto is struggling to find direction.

The Nasdaq notched yet another record close, the S&P 500 crept within striking distance of its all-time high, and the Dow ended the week with steady gains. Investors shrugged off tariff chatter, focusing instead on a string of earnings beats from both tech leaders and consumer giants. Optimism about a possible September rate cut is reinforcing the rally, with traders increasing their bets on lower borrowing costs by year-end. Market breadth improved too, suggesting the rally is no longer just about megacaps.

After a blistering climb toward $3,500 earlier this week, gold prices reversed sharply. The pullback appears driven by profit-taking and a slight uptick in risk appetite, which has reduced safe-haven demand. Some traders are also questioning whether recent inflation softness will diminish gold’s appeal as an inflation hedge in the short term. While the long-term bullish case remains intact, short-term momentum has clearly shifted toward risk assets.

Asian equities delivered a mixed but resilient performance. Japan’s Nikkei led regional gains, fueled by strong corporate earnings and a weaker yen that’s boosting exporters. Taiwan and South Korea saw modest pullbacks after recent rallies, while mainland China managed a slight uptick amid improving manufacturing data. Overall, the region is showing signs of partial decoupling from Western macro pressures, with local fundamentals driving sentiment more than U.S. policy headlines.

Bitcoin is trading in a tight range, unable to build on recent gains, while most altcoins remain under pressure. The loss of momentum comes after several weeks of heightened volatility, leaving traders hesitant to take on new leverage. ETF inflows have slowed, and sentiment is shifting toward caution as investors wait for a catalyst, whether from macro news, regulatory developments, or a breakout in on-chain activity.

This week’s action shows a clear divergence: equities are thriving, gold’s rally is cooling, Asia’s carving its own path, and crypto is stuck in neutral. If earnings remain strong and rate-cut bets hold, stocks could keep the upper hand into next week, unless a fresh macro shock disrupts the balance.