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The Nasdaq Composite (^IXIC) notched a fresh record high on Monday as most of the Big Tech stocks gained and bitcoin (BTC-USD) hit fresh all-time highs ahead of the Federal Reserve’s final policy decision meeting this week.
The Nasdaq moved up 1.2%, with shares of Alphabet (GOOGL, GOOG), Tesla (TSLA), Amazon (AMZN), Apple (AAPL), and Broadcom (AVGO) all closing at fresh records.
The S&P 500 (^GSPC) gained almost 0.4%, moving closer to its own record, while the Dow Jones Industrial Average (^DJI) fell 0.2% for its eighth consecutive session in the red.
Investors are awaiting the final Federal Reserve meeting of the year on Tuesday. Its interest rate decision on Wednesday is already in high focus as Wall Street watches for a catalyst to revive this year’s stellar stock rally.
Investors see a final 2024 rate cut as a sure thing, with 97% of traders currently pricing in a 25 basis point move. The bigger question now is whether the Fed is ready to scale back on its "dot plot" that laid out four more small cuts in 2025, given persistently sticky inflation and potential Trump administration challenges.
On the corporate front, healthcare stocks CVS (CVS), UnitedHealth (UNH), and Cigna (CI) slid after President-elect Donald Trump said his administration is "going to knock out the middleman." Trump’s comments are a reference to pharmacy benefit managers, or PBMs, which are often accused of contributing to higher drug prices.
Software company MicroStrategy’s (MSTR) stock popped ahead of the bitcoin buyer joining the Nasdaq 100 (^NDX). Bitcoin itself surged to an all-time high above $107,000 as hopes for a crypto-friendly Trump administration continued to mount.
Super Micro Computer Inc. (SMCI) shares fell as the struggling server maker is set to be removed from the Nasdaq 100.
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