Tech-Led Surge: Nasdaq and S&P 500 Climb, Awaiting Economic Data

The Nasdaq and S&P 500 climbed on Monday, driven by tech shares as investors anticipate key economic reports. Despite the Dow's slight dip, gains in technology, communication services, and consumer sectors marked a strong market period. Former President Trump's policies are expected to influence market trends.

The Nasdaq and S&P 500 closed higher on Monday, buoyed by tech-related stocks, as markets gear up for critical economic data releases. This uptick follows a robust November performance, with the S&P and Dow recording their largest monthly gains in a year. The Dow saw a minor dip.

In Monday's session, technology, communication services, and consumer discretionary sectors each rose by roughly 1%, contrasting with declines in other areas. Tesla's stock benefited from Stifel's increased price target. Rick Meckler of Cherry Lane Investments noted the market's gradual ascent amid seasonal strength.

Despite the bullish environment, Meckler warns of uncertainty due to a lack of clear economic guidance from the new administration. Meanwhile, manufacturing data from the Institute for Supply Management showed improvements, hinting at a stabilizing economic outlook.

(With inputs from agencies.)