Daily Market Update: Tech Stocks Drive Nasdaq and S&P 500 to Record Highs as Bitcoin Hits $76K
TLDR
- The Nasdaq hit a new all-time high of 24,016 and the S&P 500 crossed 7,000 for the first time
- Bitcoin climbed to $76,000, up nearly 10% over the past two weeks
- Optimism over a possible US-Iran ceasefire extension fueled market gains
- Fundstrat’s Tom Lee expects crypto and Magnificent Seven stocks to lead the next rally leg
- US and Iran are in indirect talks to extend a ceasefire set to expire April 22
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The Nasdaq Composite closed at 24,016 on Wednesday, reaching a new all-time high. The S&P 500 also crossed 7,000 for the first time, ending the session up 0.8% at 7,022.95.
Tech stocks led the gains with a 2.08% rise on the day. The Nasdaq extended its winning streak to 11 consecutive sessions.
Bitcoin reached $75,229 on Wednesday, a 1.07% gain in 24 hours. The move continues a run that has seen the cryptocurrency climb nearly 10% over the past two weeks.
The Dow Jones Industrial Average bucked the trend, slipping 0.2% as technology shares outperformed the broader market.
Much of Wednesday’s optimism was tied to comments from President Donald Trump, who told Fox Business he believes the US-Iran conflict is “very close to being over.”
Trump added that a deal is still needed for the conflict to fully end. “We’ll see what happens. I think they want to make a deal very badly,” he said.
The US and Iran are reportedly in indirect talks to extend a two-week ceasefire that is set to expire on April 22. Both sides are said to be in favor of an extension.
White House press secretary Karoline Levitt confirmed Wednesday that the US is still “very much engaged in these negotiations.”
Market Outlook From Analysts
Tom Lee, chief investment officer at Fundstrat, told CNBC’s “Closing Bell” that he sees more room for stocks to grow in the near term.
Lee said some investors are still on the sidelines waiting to see how the Middle East situation develops. He argued that “stocks bottom on bad news,” not good news.
He expects the next leg of the rally to be led by Bitcoin, Ether, the Magnificent Seven tech stocks, and the broader software sector.
US stock futures rose on Thursday morning, continuing the positive tone from the previous session. Futures on the S&P 500 moved up 0.2%, while Nasdaq 100 contracts climbed 0.4%.
Earnings and Economic Data Ahead
Investors are now watching a fresh round of corporate earnings due Thursday, including Netflix, PepsiCo, and Charles Schwab.
Market participants will also be monitoring weekly jobless claims alongside March data on capacity utilization and industrial production.
The ceasefire extension talks between the US and Iran remain the key macro factor markets are watching heading into the end of the week.
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