Tech Rally Propels Nasdaq, Broader Markets Lag
Wall Street opened the week and the final month of 2024 on a mixed note, as tech-driven gains clashed with weakness across other sectors. The Nasdaq 100 retested its all-time high of 21,180 points, last reached on Nov. 11, 2024, fueled by strong performances in mega-cap tech stocks and semiconductors.
Apple Hits Fresh All-Time High
Apple Inc. (AAPL) climbed 1% on Monday, continuing its rally to new all-time highs. Investors are optimistic about robust holiday-season sales for the tech giant’s products, driving further confidence in the stock.
Broader Market Weakness
Despite tech sector gains, the broader market showed signs of weakness. Most sectors, including energy, financials, and industrials, ended the day lower. Only tech, communication services, and consumer discretionary sectors finished in the green, reflecting an uneven market performance.
ISM Manufacturing PMI Beats Expectations
The ISM Manufacturing PMI exceeded expectations but remained in contraction territory for the eighth consecutive month, highlighting persistent challenges in the U.S. industrial sector.
Currency and Commodity Movements
The U.S. dollar surged 0.8%, bolstered by a weakening euro amid rising fiscal and political risks in France.
- Gold prices slipped 0.6%, closing the day at $2,635 per ounce.
- Crude oil prices remained stable, hovering near $68 per barrel.
Bitcoin Retreats After Recent Highs
In the crypto market, Bitcoin (BTC) fell 2.1%, trading around $95,000. The decline follows recent highs as traders appeared to lock in profits, contributing to the pullback.
Looking Ahead
As December trading unfolds, the Nasdaq’s tech-driven momentum could face challenges from broader market uncertainty and persistent headwinds in the industrial sector. Investors are keeping an eye on economic indicators and fiscal developments to gauge the trajectory of the markets heading into 2025.
