Once again, major technology stocks are experiencing a surge.

Shares of tech powerhouses like Apple, Google-parent Alphabet, the electric vehicle manufacturer Tesla, and semiconductor company Broadcom reached new highs, which propelled the tech-focused Nasdaq to a record closing level. The Nasdaq closed up 1.24%, gaining 247.17 points to reach a landmark 20,173.89.

The broader S&P 500 index increased by 0.38%, or 22.99 points, finishing at 6,074.08, while the Dow Jones Industrial Average declined for the eighth consecutive session, marking its longest losing streak since 2018. It closed down 0.25%, or 110.58 points, at 43,717.48.

Investors are closely watching the Federal Reserve’s upcoming policy meeting, which concludes on Wednesday afternoon. The Fed is anticipated to reduce its short-term benchmark interest rate by another quarter percentage point, but many analysts believe the central bank will indicate a slower approach to future rate cuts and update its economic forecasts.

“This might be the last cut for a while,” noted Jacob Channel, a senior economist at LendingTree. “Given that upcoming policies from the Trump Administration could lead to higher inflation or create economic instability, the Fed might prefer to adopt a wait-and-see stance and maintain current rates during January’s meeting.”

Market Movers

Among the day’s gainers were:

Broadcom (AVGO): The chip company continued its positive momentum following a strong earnings report and optimistic outlook, with shares rising over 120% so far this year.

Bitcoin: The cryptocurrency skyrocketed to a record high above $107,000 after MicroStrategy announced it acquired an additional 15,350 bitcoins, raising its total holdings to 439,000, valued at around $46 billion.

Conversely, the companies that faced the largest drops included:

Super Micro Computer (SMCI): The maker of AI servers reported that its auditor resigned this fall, and as a result, its shares will be removed from the Nasdaq-100.

Nvidia (NVDA): The AI chip manufacturer saw its shares dip, marking an official correction after a decline of over 10% from its recent peak of $148.88 last month. Traders noted that investments are shifting towards other AI companies following Nvidia’s impressive 166% gain this year.

Market Overview

Oil prices declined by 1% to $70.58 per barrel following the release of disappointing retail sales data from China.

The yield on the 10-year Treasury bond fell to 4.397% as investors anticipate a rate cut from the Fed.