Key Takeaways

• The S&P 500 gained 0.6% and the Nasdaq rose 0.5%, with both indexes closing at record highs.

• The S&P 500 recorded its first all-time closing high in two months.

• Traditional markets strengthened as Treasury yields moved lower, supporting technology, consumer and utility stocks.

• Marvell Technology jumped 8% after raising its longer-term revenue outlook.

• Crypto diverged from the equity rally, with Bitcoin falling below $84,000.

U.S. stocks extended their rally to fresh records even as Bitcoin fell below $84,000, widening the short-term divergence between traditional financial markets and crypto.

The S&P 500 climbed 0.6%, securing its first record close in two months, while the Nasdaq advanced 0.5% to another all-time high.

Wall Street Extends Record Rally

Most Magnificent Seven stocks traded higher, while declining interest rates provided additional support to consumer and utility shares.

AI and semiconductor stocks also remained in focus. Marvell Technology surged 8% to $292 after projecting annual revenue of $70 billion to $90 billion by fiscal 2031 and raising its fiscal 2028 revenue outlook to $20 billion from roughly $18 billion.

Meanwhile, Morgan Stanley said traditional financial institutions could capture a significant share of the value created as blockchain technology becomes increasingly integrated into mainstream finance.

The bank expects developments including 24/7 tokenized securities, stablecoins and tokenized funds to become increasingly connected with existing financial infrastructure.

Bitcoin Diverges From Record-High Stocks

Bitcoin, meanwhile, has fallen below $84,000, contrasting with the record-setting performance of U.S. equities.

The divergence leaves traditional risk assets pushing to new highs while the crypto market remains under pressure, highlighting the increasingly different short-term performance of Bitcoin and major U.S. stock indexes.