Tech stocks extended their rally to new heights on Monday, with the Nasdaq 100 index climbing over 1% to surpass 22,000 points, fueled by robust gains among key components in the index.
Tesla Inc. (NASDAQ:TSLA) also rallied, jumping more than 5%, pushing its post-election gains to 85%, buoyed by positive analyst sentiment. Wedbush Securities described Tesla as a “game-changer” in AI and autonomous advancements under Trump's administration, adding to the bullish outlook.
Among other indices, the Russell 2000 rose 1%, while the S&P 500 edged up 0.4%. The Dow Jones Industrial Average, however, dipped 0.2%, weighed down by losses in the energy and healthcare sectors.
On the economic front, private-sector surveys showed a stronger-than-expected rebound in December activity. The services sector Purchasing Managers’ Index (PMI) surged to 58.5, the highest reading since October 2021. Meanwhile, the Composite PMI climbed to 56.6, its best level since April 2022, as robust growth in services offset continued weakness in manufacturing.
Crypto-related assets gained fresh bullish momentum, driven by speculation about the U.S. government creating a Bitcoin Strategic Reserve fund. Meanwhile, MicroStrategy Inc. (NASDAQ:MSTR) will be added to the Nasdaq 100 Index on Dec. 23, further boosting sentiment.
Monday’s Performance In Major US Indices, ETFs
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Monday’s Stock Movers
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