{"id":119094,"date":"2024-12-17T01:03:25","date_gmt":"2024-12-17T01:03:25","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/stock-market-today-nasdaq-hits-a-record-as-wall-street-drifts-ahead-of-federal-reserves-meeting-the-associated-press\/"},"modified":"2024-12-17T01:03:25","modified_gmt":"2024-12-17T01:03:25","slug":"stock-market-today-nasdaq-hits-a-record-as-wall-street-drifts-ahead-of-federal-reserves-meeting-the-associated-press","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/stock-market-today-nasdaq-hits-a-record-as-wall-street-drifts-ahead-of-federal-reserves-meeting-the-associated-press\/","title":{"rendered":"Stock market today: Nasdaq hits a record as Wall Street drifts ahead of Federal Reserve's meeting – The Associated Press"},"content":{"rendered":"

Copyright 2024 The Associated Press. All Rights Reserved.
The New York Stock Exchange is shown behind the statue titled \u201cFearless Girl\u201d, Thursday, Dec. 12, 2024, in New York. (AP Photo\/Julia Demaree Nikhinson)
NEW YORK (AP) \u2014 U.S. stock indexes drifted amid mixed trading Monday, ahead of this week\u2019s upcoming meeting by the Federal Reserve <\/a><\/span> that could set Wall Street\u2019s direction into next year.
The S&P 500 rose 0.4%, coming off its first losing week in the last four<\/a><\/span>. The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%.
Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts\u2019 expectations. The technology company is riding a wave of enthusiasm about its artificial-intelligence offerings in particular.
The market\u2019s main event, though, will arrive on Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%.
The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting.
For now, the general expectation among traders is that the Fed may cut a couple more times in 2025, according to data from CME Group. But such expectations have been shrinking following reports <\/a><\/span> suggesting inflation may be tougher to get all the way down to 2% from here. Besides last month\u2019s slight acceleration in inflation, another worry is that President-elect Donald Trump\u2019s preferences for tariffs and other policies could lead to higher inflation down the line. <\/p>\n

Goldman Sachs economist David Mericle has dropped his earlier forecast of a cut by the Fed in January, for example. Beyond the possibility of tariffs, he said Fed officials may also want to slow their cuts because of uncertainty about exactly how low rates need to go so that they no longer press the brakes on the economy.
Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year<\/a><\/span> and is heading for one of its best years of the millennium<\/a><\/span>. The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago.
On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin<\/a><\/span>, which set another all-time high. But its stock ended the day down by les than 0.1% after bitcoin\u2019s price pulled back below $106,000 after setting a record above $107,700, according to CoinDesk.
The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will also soon join the Nasdaq 100 index.
Bitcoin\u2019s price has catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that Trump <\/a><\/span> will create a system that\u2019s more favorable to digital currencies<\/a><\/span>.
Honeywell rose 3.7% after saying it\u2019s still considering a spin-off or sale of its aerospace business, as part of a review of its overall business. It said it plans to give an update with the release of its fourth-quarter results.
They helped offset a drop for Nvidia, whose chips are powering much of the world\u2019s move into AI. Its stock fell 1.7%. Because it\u2019s grown so massive, with a total value topping $3 trillion, it was the single heaviest weight on the S&P 500.
All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89.
In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%.
In stock markets abroad, indexes fell modestly across much of Europe and Asia.
They sank 0.9% in Hong Kong and 0.2% in Shanghai after China<\/a><\/span> reported lackluster economic indicators for November despite attempts to strengthen the world\u2019s second-largest economy.
South Korea\u2019s Kospi fell 0.2% as law enforcement authorities pushed to summon impeached President Yoon Suk Yeol<\/a><\/span> for questioning over his short-lived martial law decree, and the Constitutional Court met to discuss whether to remove him from office or reinstate him.
AP Business Writer Elaine Kurtenbach contributed.
Copyright 2024 The Associated Press. All Rights Reserved.<\/p>\n

source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Copyright 2024 The Associated Press. All Rights Reserved.The New York Stock Exchange is shown behind the statue titled \u201cFearless Girl\u201d, Thursday, Dec. 12, 2024, in New York. (AP Photo\/Julia Demaree Nikhinson)NEW YORK (AP) \u2014 U.S. stock indexes drifted amid mixed trading Monday, ahead of this week\u2019s upcoming meeting by the Federal Reserve that could set […]<\/p>\n","protected":false},"author":1,"featured_media":119095,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-119094","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world","entry"],"_links":{"self":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/119094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/comments?post=119094"}],"version-history":[{"count":0,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/119094\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media\/119095"}],"wp:attachment":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media?parent=119094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/categories?post=119094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/tags?post=119094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}