Tech, Software, Crypto Rally as S&P 500, Nasdaq Close at Records

Tech, software and crypto stocks rallied on the day as the S&P 500 rose 0.29% to 7,230.12 and the Nasdaq gained 0.89% to 25,114.44, both closing at record highs. The Dow fell 0.31% to 49,499.27.

The technology sector outperformed, rising 1.57% while the S&P 500 advanced 0.29%. Apple contributed to the broader market gain. Oil prices were lower at the start of the month.

Buying centered on software, cloud, cybersecurity and infrastructure names. Microsoft (MSFT) traded at $414.44, up 1.63%. Oracle (ORCL) jumped 6.47% to $171.83. Palantir (PLTR) rose 3.60% to $144.12. Palo Alto Networks (PANW) was up 0.98% at $181.08. CrowdStrike (CRWD) gained 2.22% to $455.64. Synopsys (SNPS) added 1.33% to $489.02. Cloudflare (NET) climbed 6.11% to $217.50. Fortinet (FTNT) advanced 2.35% to $86.29. CoreWeave (CRWV), a cloud infrastructure specialist, traded at $119.01, up 6.64%.

Technology has outpaced the broader market across multiple time frames: up 8.34% year to date versus the S&P 500’s 4.84%; up 42.67% over one year versus 29.83% for the index; up 122.43% over three years versus 73.41%; and up 125.84% over five years versus 72.45% for the S&P 500.

Crypto-linked equities advanced alongside gains in major tokens. Coinbase (COIN) rose 1.83% to $191.21 and Robinhood (HOOD) gained 1.10% to $73.69. MicroStrategy (MSTR) surged 7.15% to $177.28. PayPal (PYPL) traded at $50.43, Block (SQ) around $71.81, and Circle (CRCL) jumped 9.91% to $99.89. Mining and treasury-exposed firms showed mixed results: Riot Platforms (RIOT) climbed 7.31% to $18.50, Galaxy Digital (GLXY) rose 2.44% to $28.11, Hut 8 (HUT) gained 1.53% to $76.94, while Marathon Digital (MARA) fell 4.5% to $11.45 and CleanSpark (CLSK) dropped 3.03% to $12.15.

Bitcoin gained 12.7% in April after a near 2% rise in March; Ether rose about 8% in April. CryptoQuant reported that perpetual futures were the primary driver of Bitcoin’s rally, noting its gauge of direct Bitcoin purchases stayed negative through April while futures demand increased.

Former President Donald Trump wrote on Truth Social that he would raise tariffs on European cars and trucks to 25%, adding that vehicles produced in U.S. plants would face no tariff. Stellantis shares fell more than 2% and Ferrari lost nearly 1.5% following the post.

The day’s gains were concentrated in growth and technology sectors, while some industrial and commodity-linked stocks lagged. Exchange, payments and mining stocks posted mixed results across the market.