Tech Stocks Eye Christmas Gains, Microstrategy Tumbles As Bitcoin Dips To $93,000: What's Driving Markets Monday?

Tech stocks began Christmas week with positive momentum, as the Nasdaq 100 rose 0.4% on Monday, building on a 0.7% gain from Friday. The index has now recovered nearly half of the losses sustained following the Federal Reserve’s recent policy meeting.

Semiconductors stood out as the top-performing sector:

• iShares Semiconductor ETF SOXX jumping 2.3%.
• Broadcom Inc. AVGO, up 4.7%
• Advanced Micro Devices Inc. AMD, which surged 4.9%.

Meanwhile, other major indices showed minimal movement in what appeared to be a session marked by low trading volumes.

Consumer staples emerged as the weakest sector, with notable declines in major retailers. Dollar General Corp. DG dropped 3.3%, while Walmart Inc. WMT shed 2.8%.

In economic news, U.S. consumer confidence fell sharply in December, with the index dropping 8.1 points to 104.7 amid worsening expectations in future economic conditions.

The U.S. dollar index edged higher, mirroring a further surge in Treasury yields. The yield on the 10-year Treasury note rose 4 basis points to 4.57%, approaching its highest closing level since late May.

In commodities, gold slipped 0.4%, set to break a two-session winning streak, while oil prices declined 1%.

In the cryptocurrency market, Bitcoin BTC/USD fell 1.7% to around $93,000, eyeing its fifth loss in the past six sessions.

Shares of MicroStrategy Inc. MSTR tumbled over 4% in their first trading session after the company’s inclusion in the Nasdaq 100 index.

Monday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY edged 0.1% higher to $592.12.
• The SPDR Dow Jones Industrial Average DIA eased 0.4% to $427.22.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.4% to $520.67.
• The iShares Russell 2000 ETF IWM eased 0.4% to $221.06.
• The Technology Select Sector SPDR Fund XLK outperformed, up by 0.5%; the Consumer Staples Select Sector SPDR Fund XLP lagged, down 2%.

Monday’s Stock Movers

• Novo Nordisk A/S NVO rose 3% following a 17.8% drop on Friday. The U.S. Food and Drug Administration announced on Monday that it has approved Hikma Pharmaceuticals’ generic version of Novo Nordisk’s Victoza for treating type 2 diabetes.
• New Fortress Energy Inc. NFE rallied 18%, after Stifel raised the stock price target from $16 to $18.
• Carnival Corp. CCL fell over 4% following a 6.4% post-earning rally Friday.

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