Nvidia hit a new record after rising 4% to $216.61, lifting its market cap to an all-time high of $5.26 trillion.
The S&P 500 closed at a record 7,173.91, while the Nasdaq also hit a new closing high at 24,887.10.
Nvidia is still trailing chip peers this year, with the stock up 15% versus a roughly 46% gain for the Philadelphia Semiconductor index.
Oil prices jumped as U.S.-Iran talks stalled, with WTI at $96.37 and Brent at $108.23.
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21:36S&P 500 slips as oil rises and traders brace for megacap earnings
The S&P 500 fell on Tuesday as investors reacted to fresh worries around OpenAI, higher oil prices, and a pullback from Monday’s record highs. The index lost 0.49% and closed at 7,138.80.
The Nasdaq Composite took a bigger hit, dropping 0.9% to 24,663.80 as tech shares weakened. The Dow Jones Industrial Average slipped 25.86 points, or 0.05%, to finish at 49,141.93.
The Dow’s losses were limited by Coca-Cola (KO), which rose nearly 4% after reporting earnings that came in ahead of expectations.
Markets are now heading into a packed stretch of megacap tech earnings. Five of the Magnificent Seven companies are due this week, with Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META), and Microsoft (MSFT) scheduled for Wednesday. Apple (AAPL) will report on Thursday.
Tuesday’s decline came one day after the S&P 500 and Nasdaq closed at record highs. Those gains were already limited by stalled U.S.-Iran peace talks, which kept pressure on markets as oil moved higher.
Small-cap stocks also pulled back as investors took profits after their strong run in recent weeks. The Russell 2000 fell 1.2% on Tuesday, underperforming the S&P 500’s roughly 0.5% drop.
Even with the decline, the Russell 2000 is still up more than 10% in April and remains on track for its best month since 2024. The rally has lifted the index 11% so far in 2026.
The software sell-off also changed Citi’s view on Palantir (PLTR). The bank kept its buy rating on the stock but cut its price target to $210 from $260, which still points to nearly 47% upside from Monday’s close.
Citi also raised its long-term growth path for Palantir by 3 percentage points, with fiscal 2027 revenue now expected to grow 52% year over year.
17:00Bitcoin slips below $76,000 as U.S. spot demand weakens
Bitcoin (BTC) slipped 0.6% to $75,977 as the market stayed close to its recent range. Ethereum (ETH) edged up 0.3% to $2,296.30, while Solana (SOL) fell 0.5% to $83.87.
A bigger break lower could hit leveraged traders fast. More than $9 billion in crypto long positions would be liquidated if Bitcoin falls to $70,000.
The pressure is also showing up in U.S. spot demand. Bitcoin’s Coinbase Premium Index turned negative at -0.008 for the first time in three weeks, pointing to weaker buying from U.S. investors as the price dropped.
That signal stayed negative across hourly readings over the next 48 hours, showing steady selling pressure from U.S.-based buyers. At the same time, Bitcoin’s net weekly average of realized losses climbed to $829 million, which points to weaker investor conviction.
Selling pressure also showed up in taker flow. Negative net taker volume means sell orders are larger than buy orders in the market. On Binance, the taker buy/sell ratio fell to 0.89, its lowest reading since March 29.
The last time that level appeared, Bitcoin was testing $66,000 before rebounding 15% over the following 30 days.
Against recent periods, Bitcoin’s price is still up 2% from one week ago and up 16.6% from one month ago. It remains down 17.5% from one year ago.
Bitcoin’s all-time high stands at $128,198.07, reached on October 6, 2025. Its all-time low was $0.04865 on July 14, 2010.
Market positioning cooled alongside the price action. Open interest stood at $120.13 billion, down 1.73%, while liquidations fell 51.06% to $195.20 million.
Momentum looked balanced. The average RSI was 49.13, which sits in neutral territory, while the Altcoin Season Index was also neutral at 38.
15:06Crypto-linked stocks fall as miners take the hardest hit
Crypto-linked stocks traded mostly lower on the day, with the biggest pressure landing on Bitcoin miners. IREN (IREN) fell 8.1% to $44.45, with $3.6 billion in volume and a $17.6 billion market cap.
Riot Platforms (RIOT) dropped 9.3% to $16.58, with $361.2 million traded and a $6.5 billion valuation.
Other miners also slipped. Cipher Digital (CIFR) fell 4.87% to $17.27, Hut 8 (HUT) lost 4.77% to $72.10, Core Scientific (CORZ) dropped 5.07% to $20.03, and CleanSpark (CLSK) declined 3.76% to $11.79. TeraWulf (WULF) was down 2.94% at $20.80, while MARA Holdings (MARA) eased 1.43% to $11.02.
The largest crypto-adjacent companies were also under pressure. MercadoLibre (MELI) fell 2.55% to $1,792.34, with $1 billion in volume and an $86.9 billion market cap.
Robinhood (HOOD) dropped 2.29% to $82.03, Coinbase (COIN) lost 1.31% to $194.10, and Strategy (MSTR) declined 2.02% to $165.78.
Losses were milder in some payments and blockchain names. PayPal (PYPL) slipped 0.26% to $49.64, while Block (XYZ) fell 2.44% to $69.54. Circle (CRCL) was down 1.14% at $94.35, and Bitmine Immersion Technologies (BMNR) edged down 0.32% to $21.48.
A few stocks still gained despite the wider weakness. Galaxy Digital (GLXY) rose 5.23% to $26.36, with a market cap of $8.6 billion.
Figure Technology Solutions (FIGR) added 4.41% to $34.36, Bullish (BLSH) gained 2.31% to $39.81, and Alliance Resource Partners (ARLP) climbed 4.09% to $26.49.
Smaller names were mixed, but the red side stayed heavier. Bitfarms (BITF) fell 7.96% to $2.89, HIVE Digital Technologies (HIVE) dropped 6.12% to $2.30, Prenetics (PRE) lost 5.76% to $18.49, and Exodus Movement (EXOD) slid 5.57% to $7.46. Argo Blockchain (ARBK) also fell 7.35% to $3.34, with a market cap of $1.4 million.
Some low-volume names were flat. Boyaa International (BOYAF) held at $0.45, Semler Scientific (SMLR) showed $0 and a 0% change, Twenty One (CEP) also showed $0 and 0%, and ProCap BTC (CCCM) was unchanged at $0.
KULR Technology Group (KULR) was one of the few small gainers, up 0.21% to $2.42, while Gemini Space Station (GEMI) rose 2.52% to $4.48.
00:58Bitcoin flirts with $80,000 as ETF demand comes back and Strategy slows buying
Bitcoin climbed to a 12-week high on Monday before pulling back. The token reached $79,488 early in Europe, its strongest level since Jan. 31, then slipped back to around $77,000.
The move came after Bitcoin spent recent sessions pushing closer to $80,000. Traders had been closing short bets, while demand from larger buyers improved. Bitcoin is now up 13% in April, putting it on track for its first monthly double-digit gain since May 2025.
Demand has also returned to U.S.-listed spot Bitcoin ETFs. Net inflows for April have reached about $2.5 billion, which puts the funds on pace to roughly double March’s total. Institutional buyers had started coming back in March after four straight months of net outflows.
Strategy (MSTR) also added more Bitcoin, though at a slower pace than before. The company bought $255 million worth of the token over the past seven days, after spending $3.5 billion across the previous two weeks.
The Michael Saylor-led digital asset treasury company acquired 3,273 Bitcoin in the period ended April 27, based on a US Securities and Exchange Commission filing released Monday, which shows that the latest purchase was funded through common stock sales.
21:26Nvidia hits $5.26 trillion as Wall Street’s chip rally starts to cool
Nvidia (NVDA) jumped to a fresh all-time high of $216.61 after rising 4% on Monday after the close, its first record since last October.
The rally pushed its market cap to a new peak of $5.26 trillion, making it the only company in the world valued that high… yet again. What an honor to witness this history being made.
Sadly though, the NVDA stock is still behind the wider chip trade. The Philadelphia Semiconductor index is up more than 36% in April and is trading nearly 50% above its 200-day moving average.
Goldman Sachs (GS) traders said over the weekend that this kind of gap has not been seen since the dotcom bubble peak.
Nvidia has gained more than 20% in the same period, but that is still far below the index’s move, even though the company is its biggest member at 10.82%. The year-to-date gap is wider, with Nvidia up 15% while the Philadelphia Semiconductor index has climbed roughly 46%.
Some analysts still see room for the stock to catch up, especially if Nvidia puts more focus on shareholder returns through buybacks and dividends.
JPMorgan (JPM) analyst Harlan Sur and his team also kept the AI story front and center, writing, “We expect AI-related demand to drive a multi-year runway of growth for NVDA’s datacenter GPU business.”
The broader market also hit records on Monday. The S&P 500 rose 0.12% to close at 7,173.91, while the Nasdaq Composite gained 0.20% and ended at 24,887.10.
Both indexes also touched new intraday all-time highs. The Dow Jones Industrial Average fell 62.92 points, or 0.13%, to close at 49,167.79.
The gains stayed narrow because oil moved higher as U.S.-Iran talks remained stuck and tensions in the Strait of Hormuz escalated. West Texas Intermediate rose 2.09% to $96.37 per barrel, while Brent climbed 2.75% to $108.23.
The chip trade also showed some fatigue. The iShares Semiconductor ETF fell about 2% in Monday afternoon trading and was on track for its first down day after an 18-session winning streak.
Since the market bottom during the U.S.-Iran war on March 30, the ETF had surged nearly 50% by Friday’s close and was still up almost 46% from that low as of Monday.
Then came a strange side note from crypto. Convicted crypto fraudster Sam “SBF” Bankman-Fried, who is serving 25 years in prison for stealing tens of billions of dollars from customers in 2022, posted on X that the S&P 500 had hit 7,174, up 19.6% since Trump’s second inauguration.
He compared that with an 8.6% gain at the same point in Joe Biden’s term, the same man he donated millions too.
Sam is still trying to get a pardon from Trump, like his rival Changpeng “CZ” Zhao received. So far, there is no sign he is getting one.
Geiger Capital replied to Sam’s post, “You’re not getting a pardon. Shut up.” Sam answered, “The most entertaining outcome is the most likely,” borrowing a well-known Elon Musk line. Elon is one of Trump’s closest friends.
What to know
Nvidia and major U.S. indexes made fresh records, but oil jumped as Iran tensions kept markets cautious.
