Bitcoin Jumps; S&P Heads for Weekly Loss — WSJ

By WSJ StaffBond yields are holding near their highest levels in more than a decade despite the efforts of Treasury Secretary Scott Bessent to contain borrowing costs. Stocks opened higher, but the S&P 500 is still heading for its first weekly loss since late July.One asset benefiting from higher yields is bitcoin, which was recently up 7% and briefly neared $80,000 early Friday morning. It hasn't closed at that level since mid-May. The digital currency also has been buoyed by President Trump urging Congress to pass crypto-friendly legislation.Yields on 30-year Treasurys trade around 5.25%, with the 10-year yields around 4.7%. Bessent said Thursday that the Treasury had a "big toolkit" for the Treasurys market, adding that the administration would announce an "increased focus on fiscal consolidation" in the coming days.Brent crude futures were recently fractionally higher at around $94 a barrel, after climbing for five straight days.Overnight, Bessent also echoed President Trump's earlier comment about unleashing an economic D-Day on Iran, saying that "any remaining tie to Tehran will hasten a nation's economic oblivion, whether that tie be purposefully constructed or willfully ignored."This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).