Investing.com — The S&P 500 rose Monday, as tech made.a strong start to a holiday-shortened week.
At 12:58 ET (17:58 GMT), the fell 66 points, or 0.2%, while the index added 0.4%, and the gained 0.7%.
The New York Stock Exchange is set to close early Tuesday for Christmas Eve, and the market is shut on Christmas Day.
Tech rides rally in chips higher
Tech led the broader higher, underpinned by rally in chips with Broadcom, Nvidia (NASDAQ:), and Qualcomm.
Broadcom Inc (NASDAQ:) added 4% to its recent more than 40% surge seen so far this month as investors continue to snap up shares of the chipmaker following its bullish quarterly results and guidance released earlier this month.
Qualcomm (NASDAQ:) stock rose 3% after a jury found its central processors are properly licensed under an agreement with UK-based Arm Holdings (NASDAQ:), which fell over 3%.
Fed interest rate moves key
data—a key inflation gauge favored by the Federal Reserve—rose 0.1% in November, a slower pace from October’s 0.2% increase. This brought the annual PCE inflation rate to 2.4%, slightly below estimates of 2.5%.
Although the recent data indicated some cooling in inflation, it still remained above the Fed’s 2% annual target, indicating that overall inflation still remained sticky.
The Fed signaled a cautious approach to monetary policy adjustments, emphasizing the need for continued progress on inflation before considering further rate cuts.
Comments from Fed officials on Friday showed that some policymakers were starting to factor in fiscal policy uncertainty, such as tariffs, in their outlooks.
Fed officials reiterated that they were still uncertain about how the new Donald Trump administration policies would affect the interest rate outlook, with some saying it was the very same uncertainty that led them to forecast fewer cuts in 2025.
The Fed by 25 basis points on Wednesday but forecast just two rate cuts in 2025, compared with a prior forecast of four cuts.
Rumble surges
Rumble (NASDAQ:) stock jumped 89% after the video-sharing platform said it has received a strategic investment of $775 million from cryptocurrency firm Tether.
Eli Lilly (NYSE:) stock gained 3% after the U.S. Food and Drug Administration approved the drugmaker’s weight-loss treatment, Zepbound, for obstructive sleep apnea on Friday.
(Peter Nurse, Ayushman Ojha contributed to his article.)
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