Stock market today: Nasdaq heads for record, S&P 500 jumps as countdown to Fed decision begins

Published On Dec 16, 2024, 3:47 PM

US stocks rose as Bitcoin reached new all-time highs, while major tech companies saw significant gains. The Nasdaq Composite gained 1.4%, nearing its record close, propelled by strong performances from companies like Alphabet, Tesla, and Broadcom. The S&P 500 and Dow Jones also saw slight gains ahead of the Federal Reserve's upcoming interest rate decision, which traders expect to be a cut of 25 basis points. Healthcare stocks, including CVS and UnitedHealth, dropped following comments from President-elect Donald Trump regarding pharmacy benefit managers. MicroStrategy's stock rose significantly as the company prepares to join the Nasdaq 100, benefiting from rising bitcoin prices, which exceeded $106,000.

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Stock Forecasts

MSTRView MSTR chart on TradingView

Positive

With Bitcoin reaching all-time highs, stocks related to Bitcoin and tech are likely to continue gaining momentum. MicroStrategy, being a major holder of Bitcoin and soon joining the Nasdaq 100, is positioned for further growth. Tech stocks participating in this rally may outperform due to market sentiment feeding into their growth potential as they bounce back from previous losses and investor awareness of the Fed's easing of rates.

CVSView CVS chart on TradingView

Negative

Healthcare stocks face downward pressure given the negative sentiment from statements made by Trump about reducing the role of pharmacy benefit managers, which could impact profitability. This may leads to further declines in stocks like CVS, UnitedHealth, and Cigna as investors react to potential reforms in the industry.

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