Tech Stocks Surge as Nasdaq 100 Hits New Heights, Driven by AI and Crypto Momentum
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2 Sources
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Broadcom, Tesla Propel Nasdaq 100 Gains, Bitcoin Hits $107,000, Fuels Crypto Stocks Rally: What's Driving Markets Monday? - Apple (NASDAQ:AAPL)
Bitcoin hits $107,000, while MicroStrategy gains 5.8% amid Nasdaq 100 inclusion. 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. Broadcom Inc. AVGO led the charge, soaring over 8% after receiving bullish price-target updates from analysts. The company's AI-driven growth potential gained further traction on Friday following its announcement of a collaboration with Apple Inc. AAPL to produce a cutting-edge AI chip. Tesla Inc. 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. MSTR will be added to the Nasdaq 100 Index on Dec. 23, further boosting sentiment. Bitcoin BTC/USD reached $107,000, marking a year-to-date gain of 153%. MicroStrategy shares rose 5.8%, while other crypto-linked stocks, such as MARA Digital Holdings Inc. MARA, Riot Platforms Inc. RIOT, and Coinbase Inc. COIN, surged 11.1%, 9.2%, and 4.5%, respectively. Monday's Performance In Major US Indices, ETFs According to Benzinga Pro data: The SPDR S&P 500 ETF Trust SPY rose 0.5% to $607.34. The SPDR Dow Jones Industrial Average DIA eased 0.2% to $438.86. The tech-heavy Invesco QQQ Trust Series QQQ rose 1.4% to $537.94. The iShares Russell 2000 ETF IWM rose 1% to $235.13. The Consumer Discretionary Select Sector SPDR Fund XLY outperformed, up by 1.2%; the Energy Select Sector SPDR Fund XLE lagged, down 1.8%. Monday's Stock Movers Micron Technology Inc. MU rose 7.1%, reflecting bullish investor sentiment ahead of its earnings report on Wednesday after the close. Alphabet Inc. GOOGL rose by 4.7%, building up momentum after last week's 8.7% surge following the announcement of the quantum computer launch. Shares of of natural gas companies fell amid prospects for less colder weather in the upcoming weeks. New Fortress Energy Inc. NFE led industry declines, down 7%. Read Next: Fed Poised To Cut Interest Rates By 0.25% This Week: Here's Why Your Focus Should Shift To Other Signals Photo: Shutterstock Market News and Data brought to you by Benzinga APIs
[2]
Broadcom, Tesla Propel Nasdaq 100 Gains, Bitcoin Hits $107,000, Fueling Crypto Stocks Rally: What's Driving Markets Monday? - Apple (NASDAQ:AAPL)
Bitcoin hits $107,000, while MicroStrategy gains 5.8% amid Nasdaq 100 inclusion. 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. Broadcom Inc. AVGO led the charge, soaring over 8% after receiving bullish price-target updates from analysts. The company's AI-driven growth potential gained further traction on Friday following its announcement of a collaboration with Apple Inc. AAPL to produce a cutting-edge AI chip. Tesla Inc. 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. MSTR will be added to the Nasdaq 100 Index on Dec. 23, further boosting sentiment. Bitcoin BTC/USD reached $107,000, marking a year-to-date gain of 153%. MicroStrategy shares rose 5.8%, while other crypto-linked stocks, such as MARA Digital Holdings Inc. MARA, Riot Platforms Inc. RIOT, and Coinbase Inc. COIN, surged 11.1%, 9.2%, and 4.5%, respectively. Monday's Performance In Major US Indices, ETFs According to Benzinga Pro data: The SPDR S&P 500 ETF Trust SPY rose 0.5% to $607.34. The SPDR Dow Jones Industrial Average DIA eased 0.2% to $438.86. The tech-heavy Invesco QQQ Trust Series QQQ rose 1.4% to $537.94. The iShares Russell 2000 ETF IWM rose 1% to $235.13. The Consumer Discretionary Select Sector SPDR Fund XLY outperformed, up by 1.2%; the Energy Select Sector SPDR Fund XLE lagged, down 1.8%. Monday's Stock Movers Micron Technology Inc. MU rose 7.1%, reflecting bullish investor sentiment ahead of its earnings report on Wednesday after the close. Alphabet Inc. GOOGL rose by 4.7%, building up momentum after last week's 8.7% surge following the announcement of the quantum computer launch. Shares of of natural gas companies fell amid prospects for less colder weather in the upcoming weeks. New Fortress Energy Inc. NFE led industry declines, down 7%. Read Next: Fed Poised To Cut Interest Rates By 0.25% This Week: Here's Why Your Focus Should Shift To Other Signals Photo: Shutterstock Market News and Data brought to you by Benzinga APIs
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The Nasdaq 100 index surpassed 22,000 points, propelled by gains in AI-focused companies like Broadcom and Tesla, while Bitcoin's rally to $107,000 fueled a surge in crypto-related stocks.
Tech Stocks Lead Market Rally
The Nasdaq 100 index climbed over 1% on Monday, surpassing 22,000 points and marking a significant milestone in the ongoing tech stock rally. This surge was primarily driven by robust gains among key components, particularly those focused on artificial intelligence (AI) and cryptocurrency-related technologies
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.AI-Driven Growth Propels Broadcom and Tesla
Broadcom Inc. emerged as a frontrunner, with its stock soaring over 8% following bullish price-target updates from analysts. The company's AI-driven growth potential gained further traction after announcing a collaboration with Apple Inc. to produce a cutting-edge AI chip
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.Tesla Inc. also saw impressive gains, jumping more than 5% and pushing its post-election gains to 85%. Wedbush Securities described Tesla as a "game-changer" in AI and autonomous advancements, contributing to the positive outlook for the company
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.Cryptocurrency Surge and Market Impact
The cryptocurrency market experienced a significant boost, with Bitcoin reaching $107,000, marking a year-to-date gain of 153%. This rally was partly fueled by speculation about the U.S. government potentially creating a Bitcoin Strategic Reserve fund
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.MicroStrategy Inc., set to be added to the Nasdaq 100 Index on December 23, saw its shares rise by 5.8%. Other crypto-linked stocks also benefited from the positive sentiment:
- MARA Digital Holdings Inc.: Up 11.1%
- Riot Platforms Inc.: Up 9.2%
- Coinbase Inc.: Up 4.5%
Broader Market Performance
While tech stocks led the charge, other market indices showed mixed results:
- Russell 2000: Rose 1%
- S&P 500: Edged up 0.4%
- Dow Jones Industrial Average: Dipped 0.2%, affected by losses in energy and healthcare sectors
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Economic Indicators and Sector Performance
Private-sector surveys revealed a stronger-than-expected rebound in December activity. The services sector Purchasing Managers' Index (PMI) surged to 58.5, its highest reading since October 2021, while the Composite PMI reached 56.6, the best level since April 2022
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.Sector-wise performance varied:
- Consumer Discretionary Select Sector SPDR Fund: Outperformed, up by 1.2%
- Energy Select Sector SPDR Fund: Lagged, down 1.8%
Notable Stock Movements
Several individual stocks saw significant movements:
- Micron Technology Inc.: Rose 7.1%, reflecting bullish sentiment ahead of its earnings report
- Alphabet Inc.: Increased by 4.7%, building on momentum from its quantum computer launch announcement
- Natural gas companies: Experienced declines due to forecasts of milder weather, with New Fortress Energy Inc. leading the downturn at 7%
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As the market continues to evolve, the interplay between AI advancements, cryptocurrency trends, and broader economic factors remains a key driver of stock performance and investor sentiment.
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