S&P 500 hits record 6,300 as crypto and tech stocks surge

The S&P 500 soared past the 6,300 mark for the first time on Tuesday, led by strong gains in crypto-linked and tech stocks. The record-breaking performance came despite rising geopolitical tensions and U.S. tariff threats.

The rally follows modest gains across Wall Street on Monday. President Donald Trump reignited trade concerns by threatening 30% tariffs on imports from Mexico and the European Union starting August 1. But markets shrugged off the warning.

Stock futures pointed to continued optimism. S&P 500 futures rose 0.3%, Nasdaq 100 futures gained 0.55%, and Dow Jones Industrial Average futures edged up 0.03%. On Monday, the Dow added 88 points (0.2%), the S&P 500 climbed 0.1%, and the Nasdaq Composite rose 0.3%.

Crypto rally powers Wall Street

A major factor in the market surge is bitcoin’s rise above $123,000. Analysts now see potential for a jump to $134,500, citing strong momentum indicators.

Crypto-related stocks soared. Coinbase (COIN) rallied past $346, a level last seen in 2021. Technical analysts say the stock’s chart pattern could send it to $460. MicroStrategy (MSTR), heavily invested in bitcoin, also posted significant gains.

Asian markets opened higher following upbeat economic data from China. The country’s economy grew 5.2% in the second quarter, slightly beating estimates. The Hang Seng Tech Index rose 2.14%, led by Nvidia chip importers, after the company resumed sales to China. Top gainers on the index surged between 5.5% and 6.8%.

Singapore’s Straits Times Index hit a seven-session high of 4,128.18 before closing slightly lower at 4,124.71. Industrials, consumer non-cyclicals, and utility stocks led the rally.

In Japan, government bond yields spiked ahead of the July 20 upper house elections. The 30-year yield rose 14.5 basis points to a record 3.191%. The 10-year and 20-year yields reached their highest levels since 2008 and 1999, respectively.

Despite trade concerns, investors appeared confident in tech strength, crypto momentum, and global growth trends.