Stock market today: Nasdaq soars to record as Tesla, Google, Amazon, Apple hit fresh highs

Published On Dec 16, 2024, 4:04 PM

The Nasdaq Composite reached a new record high driven by gains from major tech stocks like Alphabet, Tesla, Amazon, Apple, and Broadcom. Meanwhile, Bitcoin also hit all-time highs, soaring past $107,000. Investors are closely watching the Federal Reserve's upcoming interest rate decision, with expectations for a 25 basis point cut. Healthcare stocks like CVS, UnitedHealth, and Cigna fell following comments from President-elect Trump about eliminating middlemen in drug pricing. MicroStrategy stock rose as it prepares to join the Nasdaq 100, benefiting from its significant Bitcoin holdings. In contrast, Super Micro Computer shares declined ahead of its removal from the Nasdaq 100 due to accounting issues.

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Stock Forecasts

GOOGLView GOOGL chart on TradingView

Positive

With rising interest in tech stocks and Bitcoin reaching new highs combined with the anticipated Federal Reserve rate cut, this suggests a continued bullish sentiment for major technology stocks and crypto-related investments.

MSTRView MSTR chart on TradingView

Positive

MicroStrategy continues to benefit from its Bitcoin investments and will boost its market liquidity upon joining the Nasdaq 100. This positions MSTR positively for future growth as Bitcoin appreciates further.

CVSView CVS chart on TradingView

Negative

Due to Trump's policy intentions targeting pharmacy benefit managers, healthcare stocks like CVS and UNH are likely to face further pressure as uncertainties loom over pricing strategies in the sector.

SMCIView SMCI chart on TradingView

Negative

Super Micro's decline due to its upcoming removal from the Nasdaq 100 highlights investor concerns about its financial health following accounting issues, indicating potential further losses in the stock.

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