S&P 500 Hits Record High as Senate Advances Crypto Clarity Act

The S&P 500 and Nasdaq 100 both closed at record highs on Friday, capping a fifth consecutive week of gains for the broader market. The rally was primarily fueled by strong performance in the mega-cap tech sector, with Apple rising 3.2% following a positive revenue outlook and Oracle jumping 6.5% after securing a role in the Pentagon's classified AI networks. Simultaneously, the digital asset market received a significant regulatory boost as the Senate released the compromise text of the Clarity Act. The legislation, brokered by Senators Thom Tillis and Angela Alsobrooks, seeks to balance the interests of crypto firms and traditional banking lobbyists by regulating stablecoin yields. Under the proposed act, stablecoin issuers are prohibited from offering yields based solely on reserve holdings. However, the text preserves 'activity-based reward programs,' a key win for platforms like Coinbase. The bill now moves toward a formal markup in the Senate Banking Committee, with the Treasury and CFTC granted one year to establish detailed operational rules. In the commodities space, WTI crude fell nearly 3% to approximately $102 per barrel following reports that Iran submitted a new ceasefire proposal to Washington via Pakistan. This easing of geopolitical tension coincided with Bitcoin's recovery to $78,180, though analysts suggest the asset remains range-bound pending further catalysts from the Federal Reserve or a surge in ETF inflows.