S&P 500 Shatters Records: Soars Past 6,300 in Historic Rally
The S&P 500 just ripped through another ceiling—6,300 isn’t a prediction anymore. It’s history.
### Bulls Take the Wheel
No fluke, no Fed sugar rush (well, maybe a little). The index clawed its way up with the stubbornness of a crypto trader holding a meme coin through a 90% dip.
### Wall Street’s New Playground
Traditionalists cheer. Skeptics mutter about P/E ratios. Meanwhile, algo-traders high-five their servers and retail investors FOMO in—because nothing fuels a rally like the fear of missing the next one.
Closing thought: If this is the 'all-time high,' someone forgot to tell the inflation-adjusted charts. But hey—new number, new narrative.
Bitcoin breakout pulls COIN and MSTR higher
The rally in the S&P 500 is closely tied to a breakout in bitcoin, which surged above $123,000 last week and cleared its previous ceiling. With that resistance now flipped into support NEAR $108,300, analysts are watching for a climb toward $134,500. The MACD is trending positive, and stochastics are turning higher, giving bulls reason to stay in.
That breakout is fueling rallies in crypto-linked stocks. Coinbase (COIN) confirmed a MOVE above $346, a price level that hadn’t been breached since 2021. The pattern is forming a long-term cup-and-handle, and if it plays out, COIN could run to around $460.
Momentum is also building, with a Golden Cross—the 50-day average crossing above the 200-day, adding technical support. The last time Bitcoin showed that same crossover in November 2024, the market consolidated for a few weeks before heading higher again.
MicroStrategy (MSTR) is following a similar path, as per usual, riding bitcoin’s wave. Analysts have noted that COIN and MSTR tend to hold a 60% or higher correlation with bitcoin’s price, making them top bets for traders looking to gain exposure. The strength in these stocks comes just as retail interest spikes again, partly fueled by social media and a surge in attention on platforms like X.
On Tuesday, Jim Cramer joked about the trend, calling Palantir, Applovin, Robinhood, and Coinbase the new “PARC” stocks in a post. “A new acronym for the meme stocks that just won’t quit!!! PARC!” he wrote. Although he referred to them as meme stocks, HOOD and COIN are heavily tied to crypto, and the market clearly isn’t laughing.
Asia markets jump on China GDP and Nvidia chip sales
Meanwhile, Asian stocks opened higher on Tuesday, with a boost from stronger-than-expected growth in China. The country’s economy grew 5.2% in the second quarter, beating the 5.1% estimate. But it still slowed compared to the 5.4% growth recorded in Q1. The data was released by China’s National Bureau of Statistics.
The Hang Seng Tech index in Hong Kong rallied 2.14% late in the day. Traders bought up companies that import Nvidia’s H20 chips, after the company said it WOULD resume sales to China. The top three gainers on the index jumped 6.83%, 6.41%, and 5.53%, though their names weren’t included in the report.
Elsewhere in Asia, the Straits Times Index in Singapore climbed to a fresh high of 4,128.18, before settling at 4,124.71. That marked the seventh straight gain, led by stocks in industrials, consumer non-cyclicals, and utilities.
In Japan, long-dated bonds saw heavy selling. The 30-year government bond yield rose 14.5 basis points to 3.191%, setting a new record. The move comes ahead of the upper house elections scheduled for July 20. 10-year JGBs reached 1.594%, the highest level since 2008, while 20-year yields moved to 2.634%, last seen in 1999.
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