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Tech Stocks Propel Nasdaq to Historic Milestone
Market Momentum Drives Investment Excitement
The U.S. stock market experienced a significant surge on December 11, 2024, with technology stocks leading the charge and pushing the Nasdaq Composite above the 20,000 mark. Investors celebrated as major tech companies demonstrated robust performance, signaling renewed confidence in the technological sector.
Tech Giants Lead the Rally
Large-cap technology stocks were the primary drivers of market growth, with companies like Alphabet, Nvidia, Apple, Microsoft, Amazon, Meta, and Tesla experiencing substantial gains. Tesla particularly stood out, achieving its first record high in three years and contributing to the sector’s momentum. The Nasdaq Composite rose 1.3%, reflecting the strong performance of these technology leaders.
Economic Indicators Boost Market Confidence
The market’s upward trajectory was further supported by the latest Consumer Price Index (CPI) report. November’s 12-month inflation rate increased slightly to 2.7%, aligning with economists’ projections. This data reinforced market expectations of an impending Federal Reserve rate cut, with the CME Group’s FedWatch Tool indicating a 98% probability of a quarter-point reduction at the upcoming policy meeting.
Investors responded positively to these economic signals, with the S&P 500 climbing 0.7% and the Dow Jones Industrial Average showing marginal gains. The 10-year Treasury yield traded at 4.22%, reflecting shifting interest rate expectations.
While the tech sector dominated headlines, other market segments experienced mixed performance. Notably, Macy’s shares dropped 10% following its quarterly earnings report, and Dave & Buster’s saw a 14% decline after announcing leadership changes.
The day’s trading also highlighted broader market dynamics, with Bitcoin trading around $99,300, gold futures at approximately $2,730 per ounce, and crude oil futures rising about 1%.
