The last trading day of April saw divergent moves between US stocks and crypto markets. The S&P 500 closed at 7,209.01, up 1.02% on the day and 10.4% for the month — its strongest monthly performance since November 2020. The Dow surged nearly 800 points, and the Nasdaq ended at 24,892 (+0.89%). In crypto, Bitcoin consolidated near $76,000, posting a monthly gain of about 13%, though the Fear & Greed Index remained in extreme fear territory.
S&P 500 Posts Record Monthly Gain, Dow Rallies
The S&P 500 finished above 7,200 for the first time, with the April rally of 10.4% being the best in five and a half years. The Dow jumped nearly 800 points in a single session, signaling strong risk appetite despite mixed earnings. The Nasdaq also gained, but mega-cap tech showed sharp divergence.
Bitcoin Holds $76K, Altcoins Mixed
Bitcoin traded at $76,570, with steady performance in April. Ethereum was at $2,260, BNB at $617.7, Solana at $83.02, and XRP at $1.38. Dogecoin staged a notable bounce, up 6.61% in 24 hours to $0.1065, making it the best performer among top 10 cryptocurrencies.
Mega-Cap Earnings: Alphabet Surges, Meta Hit by AI Spending
Four of the Magnificent 7 reported Q1 results after the bell on April 29, triggering sharp divergent moves the next day. Alphabet jumped 10% to $381.94 after beating revenue and profit estimates. Tesla rose 2.4%, Amazon added 0.8%, and Apple was flat. Microsoft fell 3.9% and Nvidia dropped 4.4%. Meta, despite reporting Q1 revenue of $56.3 billion (+33% YoY) above consensus, revised its AI capex guidance from $115-135 billion to $125-145 billion, which the market punished with an 8.5% decline, closing at $612.31.
Crypto Stocks: Robinhood Tumbles 14% as Crypto Revenue Halves
Coinbase traded around $185, Circle at $92.07, Strategy at $158.19, MARA at $11.02, CleanSpark at $11.79. Robinhood was the worst performer among crypto-related stocks, posting Q1 total transaction revenue of $1.07 billion, missing the $1.17 billion consensus; crypto transaction revenue was just $134 million, down 47% year-over-year, sending shares down 13.72% to $73.06. Mining companies MARA and CleanSpark held steady near Bitcoin's $76K level. Circle, which went public last June, has oscillated from its first-day close of $82 back to around $92.
Overall, US stocks closed a strong month, but investor sentiment split over the scale of AI capital spending. Crypto prices remained stable but sentiment metrics stayed depressed; May's direction will depend on whether liquidity returns to on-chain activity.