Investing.com– U.S. stock index futures were largely steady on Monday evening after a rally in the world’s largest technology stocks pushed Wall Street higher amid thin trading ahead of the Christmas holiday.
The New York Stock Exchange is set to close early Tuesday for Christmas Eve, and the market is shut on Christmas Day.
S&P 500 Futures were largely unchanged at 6,034.0 points, while Nasdaq 100 Futures edged lower to 21,730.50 points by 19:33 ET (00:33 GMT). Dow Jones Futures were largely steady at 43,324.0 points.
Wall Street recovers from Fed-induced last week’s slump
The U.S. Federal Reserve projected fewer-than-expected cuts in 2025 on Wednesday. This had led to sharp falls in all three major indexes and a weekly decline on Wall Street.
The Fed signaled a cautious approach to monetary policy adjustments, emphasizing the need for continued progress on inflation before considering further rate cuts.
Markets scaled back rate cut expectations after the Fed meeting, pricing in just two more cuts in the upcoming year.
Sentiment improved on Friday after (PCE) price index—the Fed’s preferred measure of inflation—rose at a slower-than-expected pace in November, while the rise in core inflation was largely in line with estimates.
Although the recent data indicates a cooling trend, the persistent elevation above the 2% target suggests that inflationary pressures are not yet fully contained.
Chip stocks jump amid broader tech rally, Rumble shares surge
Wall Street indexes closed higher on Monday led by a surge in semiconductor stocks that gave tech a strong start to the holiday-shortened week.
The S&P 500 gained 0.7% to 5,974.07 points, and the Dow Jones Industrial Average rose 0.2% to 42,906.65, while the NASDAQ Composite climbed 1% to 19,764.89 points.
Broadcom Inc (NASDAQ:AVGO) climbed 5.5% as investors continued to snap up shares of the chipmaker following its bullish quarterly results and guidance released earlier this month.
Qualcomm Inc (NASDAQ:QCOM) stock rose more than 3% after a jury found its central processors are properly licensed under an agreement with UK-based Arm Holdings (NASDAQ:ARM).
Among “Magnificent Seven” megacaps, NVIDIA Corporation (NASDAQ:NVDA), Meta Platforms Inc (NASDAQ:META) and Tesla Inc (NASDAQ:TSLA) jumped between 2.3% and 3.7%.
Rumble Inc (NASDAQ:RUM) stock surged over 81% after the video-sharing platform said it has received a strategic investment of $775 million from cryptocurrency firm Tether.
Eli Lilly (NYSE:LLY) stock gained 3.7% after the U.S. Food and Drug Administration approved the drugmaker’s weight-loss treatment, Zepbound, for obstructive sleep apnea on Friday.