Tech and Crypto Lead Market Rally as S&P 500, Nasdaq Hit Record Highs

Technology stocks and cryptocurrencies surged as the S&P 500 and Nasdaq Composite closed at record highs. The Nasdaq gained 0.89% to 25,114.44, while the Dow Jones Industrial Average fell 0.31% to 49,499.27. Apple (AAPL) was a key driver of the rally, offsetting downward pressure from declining oil prices.

Former President Donald Trump announced plans to raise tariffs on European vehicles to 25% via Truth Social, causing Stellantis (STLA) and Ferrari (RACE) shares to drop 2% and 1.5% respectively. The tech sector outperformed with a 1.57% daily gain versus the S&P 500's 0.29% rise, continuing its 8.34% year-to-date growth streak.

Traders showed particular interest in AI-linked companies, cloud infrastructure providers, and blockchain-related tech stocks. The market's bifurcation reflects concentrated bets on innovation sectors rather than broad-based participation.