The gains were modest — the Nasdaq rising 0.5% and the S&P 500 0.6% — but it was enough for the two major U.S. stock indexes to close at new record highs.
While the Nasdaq has been making new highs regularly, it was the S&P’s first all-time close in two months.
The Mag 7 names were broadly higher, though Meta slipped a hair. There was also strength in recently beaten-down consumer names and utilities as interest rates took a rare move lower.
Crypto prices continued their recent flatlining action, with bitcoin, ether, XRP, and solana all little changed over the past 24 hours.
“‘The longer the base, the higher the space’ is the appropriate cope while waiting for bitcoin’s next range breakout,” writes Brian Brookshire.
Brookshire writes as bitcoin at $85,500 continues to trade in a narrow range for about the fourth consecutive week.
Bulls might recall that the price action since mid-September resembles that of this past summer, when bitcoin traded similarly, but in the low- to mid-$60,000 area.
Prediction market platform Kalshi has launched a stock index perpetual future, adding to growing competition for perps in the U.S.
The US 500 perpetual tracks an index of large U.S. companies and lets traders bet on the market rising or falling without an expiration date. That means traders don't have to roll their positions into new contracts, as they do with traditional futures.
The launch is Kalshi's first move into equity markets as the company expands beyond its core prediction-market business. Kalshi, which is regulated by the CFTC, launched perpetual futures tied to cryptocurrencies in May.
Tyler and Cameron Winklevoss, who came to fame through their involvement in the creation of Facebook and later started crypto exchange Gemini, have filed for an exchange-traded fund (ETF) tracking Zcash.
The brothers, through their firm Winklevoss Asset Services, submitted a S-1 registration with the Securities and Exchange Commission (SEC) on Tuesday. The ETF would hold the crypto directly and trade on Nasdaq under the ticker WINK, according to the filing.
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