Six-week win streak meets the BTC May-close test

The S&P 500 closed up 0.84% ​​at 7,398.93 on Friday, a fresh record, after the April jobs report came in nearly twice as strong as Wall Street expected. The Nasdaq Composite jumped 1.71% to 26,247.08, also a record. The Dow barely moved, adding 12.19 points to settle at 49,609.16

April payrolls printed at 115,000 versus a 65,000 consensus, with unemployment holding at 4.3%. That is the kind of report that eases growth fears without forcing the Fed to rethink its rate path, exactly the print bulls have been waiting for. Both the S&P and the Nasdaq are now riding six straight winning weeks, the longest streak since 2024. On the week, the Nasdaq added 4.5% and the S&P 2.3%.

Tech did the heavy lifting. Nvidia tacked on another 2.80%, Apple climbed 2.22%, and Cisco led the Dow with a 3.26% gain. The standout move was in memory and semis: Micron jumped 13.7%, SanDisk 14.27%, and Oracle 13.56% on a fresh wave of AI capex commentary. AMD crossed $700 billion in market cap, up more than 66% year to date. The exception was The Trade Desk, which slumped after a Q1 EPS miss and soft guidance.

Bitcoin is trading around $80,700 over the weekend, up 0.40% in the last 24 hours, with the total crypto market cap holding at $2.68 trillion. Ether is changing hands near $2,320. The number to watch is the close of May. Fundstrat's Tom Lee said this week that finishing the month above $76,000 would confirm BTC has flipped back into bull-market mode. Three weeks of trading remain, and BTC is sitting on roughly $4,700 of cushion above that line.

Underneath the price action, two stories are reshaping the rails. SEC Chair Paul Atkins called this week for fresh rulemaking on how the definitions of exchange, clearing agency, and broker apply to DeFi and onchain systems, the clearest signal yet that the agency is moving toward a real framework instead of enforcement-by-press-release. BlackRock is preparing to launch two money-market funds aimed at investors parking cash in stablecoins, a quiet acknowledgment that the digital-dollar customer base is sticky enough to build a product around. In Japan, Progmat is migrating more than $2 billion of tokenized real estate and corporate bonds onto Avalanche.

Next week's macro calendar is thinner than this one's. The real question is whether equities can keep climbing without another catalyst, or whether six green weeks is the warning rather than the trend.