Stock Market Today: S&P 500 and Nasdaq Hit Record Highs as Tech Surges
Market Overview: December 3, 2024
The stock market kicked off December with a strong performance, as major indexes continued their upward trajectory. The S&P 500 and Nasdaq Composite reached new all-time highs, driven by gains in technology stocks and positive economic data .
Why is the Market Up Today?
Several factors contributed to today’s market rally:
1. Tech Stock Surge: Major technology companies, including Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO), led the market gains .
2. Positive Economic Data: The November ISM manufacturing index rose to a 5-month high of 48.4, surpassing expectations. Additionally, October construction spending increased by 0.4% month-over-month, beating forecasts .
3. Dovish Fed Comments: Federal Reserve Governor Waller hinted at a potential rate cut in December, boosting investor sentiment .
Current Market Indexes
As of the market close on December 3, 2024:
– S&P 500 (^GSPC): Up 0.24%, reaching a new record high
– Nasdaq Composite (^IXIC): Up 1%, also hitting a new all-time high
– Dow Jones Industrial Average (^DJI): Down 0.29%, slightly retreating from its recent record
Year-to-date, the S&P 500 has gained over 25%, while the Dow is up nearly 20%. The tech-heavy Nasdaq has surged by almost 30% .
Major Stock News
1. Super Micro Computer (SMCI): Shares skyrocketed by 29% after an independent committee found no evidence of financial wrongdoing .
2. Tesla (TSLA): The electric vehicle maker’s stock climbed 3.5% following analyst upgrades and increased price targets .
3. Stellantis (STLA): The Jeep maker’s shares fell more than 5% on news of CEO Carlos Tavares’ unexpected resignation .
4. Intel (INTC): The chipmaker’s stock declined after announcing the retirement of CEO Pat Gelsinger .
5. Apple (AAPL): The tech giant’s shares touched a new record high, contributing to the overall market rally .
Upcoming Market Events
Investors are closely watching several key events that could impact the market in the coming days:
1. November Jobs Report: Set to be released on Friday, this report is crucial for assessing the labor market’s strength and potential implications for Federal Reserve policy .
2. Job Openings Data: The October Job Openings report, due today, will provide insights into labor market conditions .
3. Earnings Reports: Notable companies reporting earnings after market close today include Salesforce (CRM), Marvell Technology (MRVL), and Okta (OKTA) .
Market Outlook
As we enter the final month of 2024, the market continues to show resilience. The recent rally has been supported by optimism surrounding the incoming administration and expectations of a potential shift in Federal Reserve policy. However, investors should remain cautious of potential volatility, especially as they await crucial economic data and monitor global trade developments .
Conclusion
The stock market’s strong performance to start December reflects ongoing investor confidence and positive economic indicators. As we navigate the remainder of the year, market participants will be closely watching upcoming economic reports and corporate earnings for further direction. Stay tuned for more updates on market news today and throughout the week.
