The S&P 500 and the Nasdaq Composite rose in holiday-thinned trading after a stopgap government funding bill averted a US government shutdown. The gains were aided by increases in many of the so-called Magnificent Seven tech stocks. Meta, Nvidia, and Tesla were all trading more than 2.5% higher, with Google parent Alphabet and Amazon also in positive territory.
Should the gains of the benchmark indexes hold, Monday's session would mark the third straight increase for the Nasdaq Composite and a second advance in three sessions for the S&P 500. Stocks fell last Wednesday in a selloff triggered by the US Federal Reserve signaling a slower pace of rate cuts next year. After a solid run since the November presidential election, Wall Street's rally hit a bump this month, especially after the US Federal Reserve forecast just two 25-basis-point rate reductions for 2025 - down from its September view of four cuts - and raised its annual inflation outlook. A cooler-than-expected inflation report on Friday helped US stocks recoup some losses. However, overall market sentiment was still cautious, said Thierry Wizman, strategist at Macquarie. Money markets expect roughly two 25-bps reductions in 2025, which would bring the benchmark rate to a range of 3.75% to 4.0%, from a range of about 3.50% to 3.75% two weeks ago. 'It's a Monday with very few catalysts to drive (broad market) sentiment, and we're going to have low volume, likely volatile trading as we work our way out of this year,' said Art Hogan, chief market strategist at B. Riley Wealt
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