The S&P 500 surpassed 6,300 for the first time in history on Tuesday. The increased demand for crypto stocks and technology names has made the market higher for us as a whole.
This comes a day after Wall Street recorded a small profit, even as it threatened Wall Street threatened 30% tariffs in Mexico and the European Union from August 1st.
According to CNBC, stock futures were already glowing green before they opened. The S&P 500 futures rose 0.3%, the Nasdaq 100 futures rose 0.55%, and the Dow Jones futures rose just 13 points (0.03%). Monday’s session was already closed on the green.
The Dow added 88 points (0.2%), the S&P 500 rose 0.1%, and the Nasdaq Composite pushed 0.3% higher. With revenue from major banks coming soon and new inflation rates turning the corner, investors are full of risk.
Bitcoin Breakout withdraws coins and MSTR
The S&P 500 rally skyrocketed past $123,000 last week, closely tied to Bitcoin breakout, which cleared the previous ceiling. With that resistance now supported nearly $108,300, analysts are watching the climb to $134,500. MACD is a positive trend, giving stables a reason to stay in the bulls.
That breakout is fueling the crypto-linked stock gathering. Coinbase (Coin) has seen movements above $346, a price level that has not been compromised since 2021. The pattern forms a long-term cup and handle, and once it is regenerated, Coin can run to around $460.
There’s momentum, there’s a golden cross, an average 50-day intersection over 200 days, with technical support added. The last time Bitcoin showed the same crossover was because in November 2024, the market was consolidated for a few weeks and then it was once again high.
MicroStrategy (MSTR) follows a similar path, as if riding the waves of Bitcoin. Analysts point out that Coin and MSTR tend to have a correlation of 60% or more with Bitcoin’s price, making it the biggest bet for traders looking to gain exposure. The strength of these stocks is similar to the surge in retail interest once again, with attention surges on social media and platforms like X.
On Tuesday, Jim Kramer joked about the trend, calling Palantir, Applovin, Robinhood and Coinbase the new “PARC” stocks in the post. “New acronym for never quitting meme stock!!! PARC!” I wrote it. He called them memestocks, but hoods and coins are heavily linked to the code, and the market clearly doesn’t laugh.
Asian markets are jumping on sales of China GDP and Nvidia chips
Meanwhile, Asian stocks opened high on Tuesday, boosting China from stronger than expected growth. In the second quarter, the country’s economy rose 5.2%, breaking the 5.1% estimate. However, it still slowed compared to the 5.4% growth recorded in the first quarter. This data was released by China’s National Bureau of Statistics.
Hong Kong’s Hang Seng Tech index rose 2.14% later that day. The traders have acquired a company importing NVIDIA’s H20 chips. The top three players in the index jumped to 6.83%, 6.41% and 5.53%, but their names were not included in the report.
Elsewhere in Asia, the Singapore Straits Times Index rose to a fresh high of 4,128.18 and settled at 4,124.71. It marked the seventh straight gain led by industrial, consumer acyclical and utility stocks.
In Japan, long-term bonds have seen big sales. Government bond yields for 30 years rose 14.5 basis points to 3.191%, setting a new record. The move comes ahead of the Senate election scheduled for July 20th. The 10-year JGB reached its highest level since 2008, 1.594%, and the 20-year yield moved to 2.634%, last seen in 1999.
