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. (NASDAQ: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. (NASDAQ:AAPL) to produce a cutting-edge AI chip.
Tesla Inc. (NASDAQ: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. (NASDAQ:MSTR) will be added to the Nasdaq 100 Index on Dec. 23, further boosting sentiment.
Bitcoin (CRYPTO: BTC) 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. (NASDAQ:MARA), Riot Platforms Inc. (NASDAQ:RIOT), and Coinbase Inc. (NASDAQ:COIN), surged 11.1%, 9.2%, and 4.5%, respectively.
Monday's Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day % |
| Nasdaq 100 | 22,043.82 | 1.2% |
| Russell 2000 | 2,369.39 | 1.0% |
| S&P 500 | 6,076.94 | 0.4% |
| Dow Jones | 43,750.42 | -0.2% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.5% to $607.34.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) eased 0.2% to $438.86.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 1.4% to $537.94.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 1% to $235.13.
- The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, up by 1.2%; the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1.8%.
Monday's Stock Movers
- Micron Technology Inc. (NASDAQ:MU) rose 7.1%, reflecting bullish investor sentiment ahead of its earnings report on Wednesday after the close.
- Alphabet Inc. (NASDAQ: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. (NASDAQ:NFE) led industry declines, down 7%.
- Fed Poised To Cut Interest Rates By 0.25% This Week: Here's Why Your Focus Should Shift To Other Signals
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