Nasdaq, S&P 500 Hit Records as Bitcoin Taps $75K

US equities and Bitcoin both gained on Wednesday as investors grew optimistic about a potential de-escalation of the US-Iran war.

Nasdaq

The tech-heavy Nasdaq Composite hit a new all-time high of 24,016.02, closing with a 1.59% gain, while the S&P 500 tagged its own record of 7,022.95 with a 0.8% gain.

Tech stocks overall led the day with a 2.08% gain.

Bitcoin joins the rally

Bitcoin hit $75,229 on Wednesday, rising 1.07% over the prior 24 hours and extending a run that has seen BTC climb nearly 10% over the past two weeks.

The gains came as President Donald Trump told Fox Business that the US-Iran conflict is “very close to being over,” though he cautioned a deal still needs to be struck.

Trump stated:

“If I pulled up stakes right now, it would take them 20 years to rebuild that country. And we’re not finished. We’ll see what happens. I think they want to make a deal very badly.”

Tom Lee sees more upside

Fundstrat chief investment officer Tom Lee commented on the S&P 500’s recent gains, arguing there is still room to run as many investors remain on the sidelines waiting for clarity on the conflict.

Speaking on CNBC’s “Closing Bell,” Lee said the US stock market and economy have held up well despite the Middle East tensions, and noted in a post on X that “stocks bottom on bad news,” not good news.

Lee added that he expects the next leg of the rally to be led by crypto assets, including Bitcoin, along with the Magnificent Seven tech stocks and the broader software sector.