Nasdaq Hits Record Despite Mixed Wall St. Trading

U.S. stock indices drifted amid mixed trading on Monday, ahead of this week’s upcoming Federal Reserve meeting that could set Wall Street’s direction for next year, Stan Choe and Elaine Kurtenbach reported for the Associated Press (AP).

The Nasdaq Composite climbed 1.2% to a record high. I Photo: Luca Marfè Wikimedia Commons

The S&P 500 rose 0.4%, rebounding from its first losing week in the last four. The Nasdaq Composite climbed 1.2% to a record high, while the Dow Jones Industrial Average lagged behind, falling 110 points, or 0.3%.

Broadcom surged 11.2%, helping to lead the S&P 500 for the second consecutive day after reporting quarterly profits last week that exceeded analysts’ expectations.

The technology company is benefiting from growing enthusiasm for its artificial intelligence offerings.

The market’s main event, however, will arrive on Wednesday, when the Federal Reserve announces its final decision on interest rates for the year. The widespread expectation is that it will cut its key rate for the third consecutive time, aiming to bolster the slowing job market after nearly achieving its inflation target of 2%.

The big question is how much further rates will be cut in 2025. Fed officials are expected to release projections for the federal funds rate and other economic indicators at the conclusion of their meeting. Fed Chair Jerome Powell will also hold a press conference to address questions about the Fed’s outlook and strategy.