{"id":48548,"date":"2024-12-11T19:01:50","date_gmt":"2024-12-11T19:01:50","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/"},"modified":"2024-12-11T19:01:50","modified_gmt":"2024-12-11T19:01:50","slug":"market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/","title":{"rendered":"Market Recap: Tech Surge Propels Nasdaq to New Heights on December 11, 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Major_Indexes_Close_Higher_as_Inflation_Data_Meets_Expectations\" >Major Indexes Close Higher as Inflation Data Meets Expectations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Market_Performance\" >Market Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Inflation_Data_and_Fed_Expectations\" >Inflation Data and Fed Expectations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Notable_Stock_Movements\" >Notable Stock Movements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Cryptocurrency_and_Commodities\" >Cryptocurrency and Commodities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Economic_Indicators_and_Upcoming_Events\" >Economic Indicators and Upcoming Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-tech-surge-propels-nasdaq-to-new-heights-on-december-11-2024\/48548\/#Market_Outlook\" >Market Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Major_Indexes_Close_Higher_as_Inflation_Data_Meets_Expectations\"><\/span>Major Indexes Close Higher as Inflation Data Meets Expectations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Wednesday, December 11, 2024, U.S. stock markets rallied, with the tech-heavy Nasdaq Composite leading the charge and breaking through the 20,000-point barrier for the first time in history. The day&#8217;s gains were primarily driven by a surge in mega-cap technology stocks, as investors digested the latest inflation data and positioned themselves ahead of the Federal Reserve&#8217;s upcoming interest rate decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance\"><\/span>Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the closing bell, the major indexes stood as follows:<\/p>\n<p>&#8211; <b>Nasdaq Composite (^IXIC)<\/b>: Up 1.77% to 20,035.81, a new record high<br \/>&#8211; <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC)<\/b>: Gained 0.86% to 6,086.62<br \/>&#8211; <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI)<\/b>: Slightly down by 0.06% to 44,221.84<\/p>\n<p>The <b>&#8220;Magnificent Seven&#8221;<\/b> tech stocks were the stars of the day, with several reaching all-time highs. Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>), Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>), Meta (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>), Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>), and Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>) all surged to record levels, contributing significantly to the Nasdaq&#8217;s historic performance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Inflation_Data_and_Fed_Expectations\"><\/span>Inflation Data and Fed Expectations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Consumer Price Index (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CPI\">CPI<\/a>) report released on Wednesday showed that 12-month inflation rose to 2.7% in November, up from 2.6% in October. This figure met economists&#8217; expectations and reinforced market beliefs that the Federal Reserve might cut interest rates at its upcoming meeting on December 18-19.<\/p>\n<p>According to the CME Group&#8217;s FedWatch Tool, market participants are now pricing in a 95% probability of a quarter-point rate cut next week, up from 86% before the inflation report&#8217;s release. This shift in expectations has fueled optimism in the stock market, particularly benefiting growth-oriented tech stocks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Notable_Stock_Movements\"><\/span>Notable Stock Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several individual stocks made significant moves on Wednesday:<\/p>\n<p>&#8211; <b>Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>)<\/b>: Surged up to 4.6%, reaching a new all-time high<br \/>&#8211; <b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b>: Jumped 3.90% to $416.61<br \/>&#8211; <b>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b>: Gained 3.46% to $139.75<br \/>&#8211; <b>Oracle (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=ORCL\">ORCL<\/a>)<\/b>: Plummeted 6.7% following disappointing Q2 fiscal 2025 earnings<br \/>&#8211; <b>G-III Apparel Group (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GIII\">GIII<\/a>)<\/b>: Climbed 10.4% after beating earnings expectations<br \/>&#8211; <b>United Natural Foods (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=UNFI\">UNFI<\/a>)<\/b>: Soared 20% on better-than-expected quarterly results<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cryptocurrency_and_Commodities\"><\/span>Cryptocurrency and Commodities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The cryptocurrency market also saw significant action, with <b>Bitcoin (BTC-USD)<\/b> breaking through the $100,000 barrier, trading above $100,600 per token. This milestone reflects growing institutional interest and mainstream adoption of digital assets.<\/p>\n<p>In the commodities sector, <b>crude oil<\/b> prices rose 2.35% to $70.20 per barrel, while <b><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a><\/b> increased by 1.25% to $2,752.30 per ounce.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Indicators_and_Upcoming_Events\"><\/span>Economic Indicators and Upcoming Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several economic indicators released on Wednesday provided insights into the state of the U.S. economy:<\/p>\n<p>&#8211; The Mortgage Market Index increased to 225.5 from the previous 213.9<br \/>&#8211; The MBA 30-Year Mortgage Rate slightly decreased to 6.67% from 6.69%<br \/>&#8211; The National Federation of Independent Business (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NFIB\">NFIB<\/a>) small business optimization index came in at 101.7 for November, the highest reading since June 2021<\/p>\n<p>Investors should keep an eye on upcoming events that could impact market movements:<\/p>\n<p>&#8211; Earnings reports from Adobe (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=ADBE\">ADBE<\/a>), Macy&#8217;s (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=M\">M<\/a>), and Vera Bradley (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=VRA\">VRA<\/a>)<br \/>&#8211; Continued monitoring of the Federal Reserve&#8217;s communications leading up to next week&#8217;s policy meeting<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Outlook\"><\/span>Market Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As 2024 draws to a close, the market&#8217;s focus is squarely on the Federal Reserve&#8217;s upcoming decision and forward guidance. The potential for interest rate cuts in the near future has bolstered investor confidence, particularly in the technology sector. However, market participants should remain vigilant, as geopolitical tensions and potential policy shifts could introduce volatility in the coming weeks.<\/p>\n<p>The record-breaking performance of the Nasdaq and the broader market rally underscore the current optimism among investors. Nevertheless, it&#8217;s crucial for market participants to maintain a balanced approach, considering both the opportunities presented by the bullish trend and the potential risks that lie ahead in an ever-evolving economic landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major Indexes Close Higher as Inflation Data Meets Expectations On Wednesday, December 11, 2024, U.S. stock markets rallied, with the 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