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Stock market today: S&P 500, Nasdaq close at record highs as tech surges to kick off December
The Nasdaq ( ^IXIC ) and S&P 500 ( ^GSPC ) closed at record highs on Monday as stocks kicked off the final month of a banner 2024 on a high note.
The S&P 500 edged up 0.2% to extend its recent record , while the Dow Jones Industrial Average ( ^DJI ) slipped almost 0.3% from its recent all-time closing high. The tech-heavy Nasdaq Composite popped almost 1%, with Apple ( AAPL ) shares also touching a record.
Other tech stocks gained including Tesla ( TSLA ) and Meta ( META ), both up more than 3%.
The S&P 500 and Dow are entering December on a roll, having ended November with their best monthly gains in a year. The rally got a boost last month thanks to optimism around President-elect Donald Trump's victory. Year to date, the benchmark S&P is up over 25%, while the Dow has gained nearly 20%. The tech-heavy Nasdaq has gained nearly 30%.
In individual stocks, shares in Jeep maker Stellantis ( STLA ) sank after CEO Carlos Tavares suddenly resigned . Meanwhile, Intel ( INTC ) stock ended lower after the company said its CEO, Pat Gelsinger, had retired from the struggling chipmaker.
Investors are starting to count down to the November jobs report on Friday, a key input for the Federal Reserve's policy making, as well as to job openings and private payrolls readings.
A surprise monthly jobs print could reset the expectations for rate cuts that have supported stocks' stellar performance this year. That said, bets on a slower path of Fed easing haven't made a significant dent in the recent appetite for stocks.
Meanwhile, the dollar ( DX=F ) climbed as investors assessed Trump's latest tariff threat. The incoming president warned BRICS countries (Brazil, Russia, India, China, and South Africa) not to create a rival to the US currency , saying on Saturday that they will face 100% tariffs if they move away from it. Trump has already put markets on alert with promises to hit Canada , Mexico , and China with big new tariffs .