The S&P 500 Index ($SPX) (SPY) on Monday closed up by +1.55%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.44%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +2.62%. December E-mini S&P futures (ESZ25) rose +1.56%, and December E-mini Nasdaq futures (NQZ25) rose +2.64%.
US stock indexes rallied sharply on Monday due to strength in technology stocks and rising expectations for a December Fed interest rate cut. Semiconductor and AI-infrastructure stocks extended last Friday’s rebound after the sectors retreated on concerns over lofty valuations and whether heavy investment in artificial intelligence will boost profitability. Also, the strength of the Magnificent Seven technology stocks on Monday was another supportive factor for the overall market.
