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Nasdaq leads US stocks higher
US stocks were higher on Monday, helped by Bitcoin (BTC-USD) hitting a fresh record high, as investors awaited the Federal Reserve’s final monetary policy decision for 2024.
The Nasdaq Composite (^IXIC) rose nearly 0.5%, while the S&P 500 (^GSPC) gained 0.3%. The Dow Jones Industrial Average (^DJI) was slightly higher after a week of losses for major indices.
Fed Decision
All eyes are on the Federal Reserve’s final meeting of the year, where it is expected to announce a final 25 basis point rate cut. Investors are focusing on the possibility of adjusting the “dot” chart, which suggests four additional small cuts in 2025, amid persistently high inflation and potential political challenges with the incoming Trump administration.
The week will also see the release of personal consumption expenditures (PCE) data, the Fed’s preferred measure of inflation, as well as November retail sales data, to gauge the strength of consumer spending.
