Crypto, tech, and software stocks rose as the S&P 500 and Nasdaq closed at record highs

Crypto, tech, and software stocks are rallying today because traders are buying growth names again while the S&P 500 and Nasdaq Composite sit at record levels. The S&P 500 rose 0.29% to 7,230.12 after touching a fresh all-time intraday high.

The Nasdaq Composite gained 0.89% and closed at 25,114.44, also at a record. The Dow Jones Industrial Average went the other way, falling 0.31%, or 152.87 points, to 49,499.27. Apple (AAPL) helped push the wider market higher, while lower oil prices gave traders one less headache at the start of the new trading month.

Donald Trump had said on Truth Social that he would raise tariffs on European cars and trucks:

“Based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States. The Tariff will be increased to 25%.”

Trump also wrote, “It is fully understood and agreed that, if they produce Cars and Trucks in the U.S.A. Plants, there will be NO TARIFF.” Stellantis (STLA) fell more than 2% after the post, while Ferrari (RACE) lost nearly 1.5%.

Tech traders buy software stocks as the sector beats the S&P 500 across every major period

The technology sector gained 1.57% on the day, while the S&P 500 rose 0.29%. That is why the rally looks so concentrated. Traders are not treating every corner of the market the same. They are buying tech, AI-linked names, cloud companies, security firms, and software stocks tied to infrastructure.

The longer-term numbers also show why money keeps chasing tech. The sector is up 8.34% year-to-date, while the S&P 500 is up 4.84%. Over one year, tech has gained 42.67%, compared with 29.83% for the index. Over three years, tech is up 122.43%, while the S&P 500 has gained 73.41%. Over five years, tech has returned 125.84%, compared with 72.45% for the index.

The software stocks rally is also coming from infrastructure names. This group includes companies that build system software, operating systems, networking tools, cloud storage, web services, and related tech services.

Microsoft (MSFT) traded at $414.44 and rose 1.63%. Oracle (ORCL) traded at $171.83 and jumped 6.47%. Palantir (PLTR) traded at $144.12 and gained 3.60%. Palo Alto Networks (PANW) traded at $181.08 and rose 0.98%.

Cybersecurity and cloud names also joined the rally. CrowdStrike (CRWD) traded at $455.64 and gained 2.22%. Synopsys (SNPS) traded at $489.02 and rose 1.33%. Cloudflare (NET) traded at $217.50 and jumped 6.11%. Fortinet (FTNT) traded at $86.29 and gained 2.35%. CoreWeave (CRWV) traded at $119.01 and rose 6.64%. Block (XYZ) traded at $71.81 and gained 1.84%.

Crypto stocks climb as Bitcoin gains in April, while futures drive most of the buying

Crypto-linked stocks also traded higher, especially names tied to exchanges, payments, Bitcoin holdings, and mining. 

Robinhood (HOOD) traded at $73.69 and gained 1.1%. Coinbase (COIN) traded at $191.21 and rose 1.83%. Strategy (MSTR) traded at $177.28 and jumped 7.15%. PayPal (PYPL) traded at $50.43 and gained 0.58%. Block (XYZ) traded at $71.82 and rose 1.86%. Circle (CRCL) traded at $99.89 and surged 9.91%.

The mining and crypto treasury board looked messier, because crypto stocks rarely behave like polite adults. IREN (IREN) traded at $45.65 and gained 0.31%. Bitmine Immersion Technologies (BMNR) traded at $21.87 and rose 2.2%. Galaxy Digital (GLXY) traded at $28.11 and gained 2.44%.

Riot Platforms (RIOT) traded at $18.50 and jumped 7.31%. Hut 8 (HUT) traded at $76.94 and rose 1.53%. Bullish (BLSH) traded at $39.29 and gained 4.13%. Core Scientific (CORZ) traded at $20.34 and rose 1.68%.

Some crypto names fell despite the wider bid. MARA Holdings (MARA) traded at $11.45 and fell 4.5%. Alliance Resource Partners (ARLP) traded at $26.15 and lost 1.73%. CleanSpark (CLSK) traded at $12.15 and fell 3.03%. Rumble (RUM) traded at $7.33 and lost 2.69%.

Bitcoin gained 12.7% in April after rising nearly 2% in March. That gave it two straight winning months after five monthly losses. Ether gained 8% in April, also its second monthly gain in a row.

CryptoQuant said perpetual futures were the “sole driver” of Bitcoin’s rally. Its apparent demand gauge, which tracks the 30-day change in direct Bitcoin purchases, stayed negative through April while futures demand increased.

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