Stock market today: S&P 500, Nasdaq close at record highs as tech surges to kick off December

Published On Dec 2, 2024, 4:00 PM

The Nasdaq and S&P 500 closed at record highs as tech stocks led gains driven by optimism surrounding job reports and potential Federal Reserve decisions. Notable stock movements included increases for Apple and Tesla, while Stellantis and Intel faced declines due to CEO resignations. Upcoming labor market data may influence Fed policy direction, with bets on rate cuts remaining despite mixed signals. The Consumer Discretionary sector also reached a new high. Super Micro's stock surged following a positive review outcome, and BlackRock is considering a significant investment in private credit.

Stock Forecasts

With the S&P 500 and Nasdaq at record highs and continued growth in technology stocks, investors may look to capitalize on tech momentum. The strong performance of individual stocks like Tesla and Apple suggests continued investor interest in growth sectors.

Tesla's connections with the incoming administration and bullish analyst outlooks position it well for further gains, despite broader market uncertainties. Continued uptick expected in the lead-up to potential regulatory advantages in self-driving technology.

Stellantis' CEO departure raises concerns about leadership stability, reflecting market hesitance around the automotive sector. Investors might view this negatively in the immediate term, especially amidst the challenges already facing the company.

Intel's announcement of a CEO retirement may further unsettle investors, reflecting struggles in the semiconductor sector. Overall sentiment appears bearish as the company has faced significant revenue declines.

Super Micro's significant stock jump reflects positive investor sentiment following the conclusion of an independent review. This outcome may reinforce confidence as they pursue new leadership, suggesting potential for sustained growth as they continue partnerships in AI.

As for the Consumer Discretionary sector's performance, continued investor interest should lead to a potential rise as big names under this sector excel, leveraging consumer behavior trends in the holiday season.

Related News

More exacting boards, a winner-take-all market, and higher capital costs are making it harder for CEOs to keep their jobs.

INTC
SBUX
STLA

(Bloomberg) -- Intel Corp. Chief Executive Officer Pat Gelsinger was forced out after the board lost confidence in his plans to turn around the iconic chipmaker, adding to turmoil at one of the pioneers of the technology industry.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionThe clash came to a head last week when Gelsinger met with the board about the company’s progress on winning back market s

Bank of America believes strong economic growth will support further broadening of the stock market rally in 2025.

SPY
XLF
XLY