The Nasdaq and S&P 500 climbed higher on Monday, fueled by strong gains in mega-cap tech stocks like Tesla, Alphabet, and Broadcom. In contrast, the Dow Jones Industrial Average fell over 100 points, extending its losing streak to eight consecutive sessions.
Investors are primarily focused on the Federal Reserve’s final Federal Open Market Committee (FOMC) meeting of the year, where a 25 basis point interest rate cut is widely anticipated. Following the Fed’s announcement, markets will turn their attention to Friday’s release of the November Core PCE data, a critical indicator for determining whether further rate cuts will come in early 2025.
“These two macroeconomic events are really the key drivers for the rest of the month,” Fundstrat’s Tom Lee noted on Monday.
Despite expectations for a rate cut on Wednesday, analysts increasingly predict it will be a “hawkish cut,” with the Fed signaling a pause on further easing. This outlook stems from persistent inflation pressures and continued economic strength.
Goldman Sachs, Yardeni Research, and Apollo Global Management have echoed this sentiment in recent commentary. Yardeni Research, in a Sunday note, emphasized, “Following 100 basis points of rate cuts since September 18, we expect Fed Chair Jerome Powell will use his post-meeting press conference to signal a pause in further easing for the foreseeable future.”
Other key economic reports this week include Tuesday’s US retail sales data, housing starts and building permits on Wednesday, and revised Q3 GDP figures on Thursday.
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At Monday’s market close, US indexes performed as follows:
- S&P 500: 6,074.08 (+0.38%)
- Dow Jones Industrial Average: 43,717.48 (-0.25%, down 110.58 points)
- Nasdaq Composite: 20,173.89 (+1.24%)
Additional highlights from Monday:
- Bitcoin surged to a new record, surpassing $107,000, driven by renewed optimism in the cryptocurrency market.
- Wall Street’s 2025 S&P 500 forecasts were unveiled.
- Reports surfaced of unexplained ‘mystery drones’ appearing over New Jersey.
- Economist Nouriel Roubini expressed concerns about a potential inflation resurgence that could destabilize the stock market.
- MicroStrategy’s bitcoin strategy continues to inspire other firms to follow suit.
Commodities, Bonds, and Crypto:
- WTI Crude Oil: Fell 0.97% to $70.60 per barrel.
- Brent Crude: Dropped 0.91% to $73.81 per barrel.
- Gold: Slightly lower by 0.20% to $2,670.40 per ounce.
- 10-Year Treasury Yield: Held steady at 4.396%.
- Bitcoin: Rose 1.54% to $106,037.