Wall St set for quiet open after funding bill passes

From Investing.com: 2024-12-23 09:21:51

Wall Street was set for a quiet start after a government funding bill averted a shutdown. The U.S. Congress passed spending legislation to prevent disruptions, with the Federal Reserve forecasting fewer rate cuts next year. Money markets expect two 25-bps reductions in 2025. Trading volumes are expected to thin as markets close for Christmas.

Qualcomm’s shares rose 2% after a jury found its central processors properly licensed under an agreement with Arm Holdings. Arm plans to seek a fresh trial. Rumble’s shares surged 40% after receiving a $775 million investment from a cryptocurrency firm. Apple’s market cap reached $3.86 trillion, nearing a $4 trillion milestone.

Eli Lilly gained 1.5% after FDA approval for its weight-loss treatment Zepbound. Shares of sleep apnea device makers Resmed and Inspire Medical fell 5% and 4%, respectively. The S&P 500 has gained 24.3% in 2024, the Dow climbed 13.7%, and the Nasdaq surged 30.4%.



Read more at Investing.com: Wall St set for tepid open in holiday-shortened week By Reuters