The Nasdaq Composite rallied to another record high on Monday as investors looked ahead towards the Federal Reserve's final policy meeting of the year due out later this week. The tech-heavy index rose over 200 points to close at 20,173.89, while the S&P 500 Index added nearly 0.4%. The Dow Jones Industrial Average lagged behind the broader market, falling for an eighth straight session -- marking its longest losing streak since 2018.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving Markets:
SoftBank
The Japanese tech investing firm had previously invested $50 billion intos the U.S. after Trump was elected president for the first time in 2016, with the aim of creating 50,000 jobs.
"My confidence level to the economy of the United States has tremendously increased with his victory," Son stated. "President Trump is a double down president. I'm going to have to double down."
In the News:
MicroStrategy
"MSTR's Bitcoin buying program is unprecedented on street, and makes it the largest corporate owner of Bitcoin (2% of supply equivalent to $44Bn market value)," Bernstein analyst Gautam Chhugani wrote Monday in a note to clients. "Inclusion in Nasdaq100 further improves MSTR's market liquidity, further expanding its capital flywheel and Bitcoin buying program."
Oppenheimer increased Netflix's
"NFLX remains the only investable mainstream media stock driven by: 1) competition continuing to weaken, benefiting already industry-low churn and driving content cost leverage; and 2) upside to monetization and subscribers estimates as the company has proven it can be a platform for live events further unlocking >500M global households," the firm wrote. "Near-term, we expect positive commentary from NFL Christmas Day games similar to Paul/ Tyson, driving sentiment into 4Q earnings."
For Tuesday:
Market participants will react to November's U.S. retail sales reading on Tuesdsay ahead of the Federal Open Market Committee's interest rate decision due out Wednesday afternoon.