Wall Street Closes Mixed; Tesla and Meta Stand Out Among Big Tech
The S&P 500 and Nasdaq Composite edged higher on Monday, driven by gains in technology stocks, while the Dow Jones Industrial Average slipped after hitting a new record high near the 50,000 mark.
The Dow Jones Industrial Average, comprised of 30 blue-chip stocks, fell 0.29% to 44,782.00 points. Meanwhile, the S&P 500 rose 0.24% to 6,047.15 points, and the tech-heavy Nasdaq Composite gained 0.97% to close at 19,403.95 points.
Technology, communication services, and consumer discretionary sectors led the gains, each rising nearly 1%. Tesla surged 3.46% following a positive price target adjustment from a brokerage firm.
Other major tech stocks also posted strong performances, including Meta Platforms (+3.22%), Microsoft (+1.77%), Alphabet (+1.46%), Amazon (+1.36%), and Apple (+0.95%). Nvidia, the most valuable company in the sector, saw a more modest increase of 0.25%.
You can check our live rates for the S&P 500 and other indices on FXLeaders.
Federal Reserve Hints
Investors are now turning their attention to key economic data set for release later this week, including the November nonfarm payroll report due on Friday. Additionally, Fed Chair Jerome Powell’s speech on Wednesday is expected to provide further insights into monetary policy direction.
Federal Reserve Governor Christopher Waller indicated on Monday that he is leaning toward cutting the benchmark interest rate at the December meeting, emphasizing that monetary policy remains sufficiently restrictive to continue curbing inflation.
“Policy remains restrictive enough that an additional rate cut at our upcoming meeting would not drastically alter the stance of monetary policy,” Waller stated. “It would also leave ample room to slow the pace of rate cuts later if necessary to sustain progress toward our inflation target.”
Waller’s comments suggest the Fed is carefully balancing its commitment to lowering inflation while maintaining flexibility to adjust the pace of monetary easing as economic conditions evolve.
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