Nasdaq Hits Record High Amid Mixed Crypto and Commodity Markets
The Nasdaq Composite closed at a record high of 27,477.31, up 1.05%, while the S&P 500 and Dow Jones rose 0.66% and 0.18% respectively. The tech-heavy Nasdaq's gain was driven by strong performance from AI leaders Nvidia and Microsoft, which rose 2.12% and 1.48% to $238.90 and $525.18. Tesla also saw a significant increase of 2.20%, while Apple and Amazon lagged with slight declines.
In the crypto market, Bitcoin (BTC) and Ethereum (ETH) both declined, with BTC falling 1.01% to approximately 85,611.75 USDT and ETH down 0.94% to 2,705.44 USDT. Despite these drops, the total crypto market capitalization remained robust at approximately $2.93 trillion, with aggregate trading volume surging 60.55% to $87.57 billion. Large holders like Strategy and Bitmine continued to accumulate, with Strategy adding 334 BTC and Bitmine purchasing 15,112 ETH over the preceding week.
Commodities saw mixed movements, with spot gold and silver priced at $4,128.69 and $60.67 per ounce respectively. Oil prices remained elevated, with Brent futures at $100.28 per barrel and WTI at $89.33. The US Dollar Index stood at 102.20, reflecting persistent dollar strength and elevated yields, which weighed on precious metals. The upcoming EIA outlook is expected to provide further clarity on supply and inventory dynamics.
Among individual stocks, PTC surged 33.49% to $192.26 following news of its acquisition by Schneider Electric for $205 per share. However, the stock's close remained below the offer price, indicating lingering uncertainty around regulatory and shareholder approval. Nvidia's record close underscored ongoing investor interest in AI-driven growth, while Microsoft's advance highlighted the importance of translating AI investments into sustainable revenue and cash returns.