- S&P 500 hit an all-time high of 7,539 while Nasdaq crossed 30,000 for the very first time ever.
- US stocks added $12.35 trillion in market value since the March 30 Iran war panic bottom.
- Nvidia’s $81.6B revenue and $325B combined AI capex from big tech drove virtually every point gained.
US equity markets hit record territory with the S&P 500 touching a fresh all-time high of 7,539 and the Nasdaq 100 closing above 30,000 for the first time in history. The moves extended one of the fastest index recoveries ever recorded, with both benchmarks now comfortably above the lows set during the Iran war panic in late March.
The S&P 500 is on track for its first nine-week winning streak since 2023, adding more than $1 trillion in market capitalisation in the past week alone.
The Numbers Behind The Recovery
From the March 30 bottom, when the Nasdaq was sitting around 22,800 amid Iran war panic and oil trading above $100 a barrel, the index has surged 31% in just 56 days. The S&P 500 is up 19.28% over the same period. US stocks have added $12.35 trillion in market value since the bottom.
Three factors drove virtually every point of the rally:
- Nvidia is reporting $81.6 billion in revenue, reinforcing the artificial intelligence spending thesis
- Combined artificial intelligence capital expenditure from Microsoft, Google, Meta and Amazon totalling $325 billion for the year
- Hopes of a US-Iran peace deal are steadily easing the geopolitical risk premium from oil prices
First quarter corporate earnings came in 27.7% higher year-on-year, the strongest print since 2021, led by technology and artificial intelligence names.
Two Views On What Comes Next
One analyst said that earnings are accelerating, artificial intelligence capital expenditure keeps climbing, liquidity is stable, and the Federal Reserve is not tightening. For the streak to end, something real has to crack: a mega-cap earnings miss, a Federal Reserve surprise or genuine doubt creeping into the artificial intelligence spending story. None of those are present right now.
The bear case is also being made. An analyst has described the current market as the most overvalued in half a century, pointing to retail investors still buying near the top as a warning sign rather than a bullish signal.
Crypto Read-Through
Several crypto analysts flagged the equity milestone as positive for digital assets, arguing that new all-time highs in the S&P 500 and Nasdaq historically precede risk-on rotations into Bitcoin and broader crypto markets.
Related: Bitcoin Power Law Model Sees BTC Fair Value Above $163K
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