Investing.com — U.S. stock index futures were largely flat on Monday evening after a rally in the world's largest technology stocks sent Wall Street higher in thin trading ahead of the Christmas holiday.
The New York Stock Exchange is scheduled to close early Tuesday on Christmas Eve, and the market is closed on Christmas Day.
It was largely unchanged at 6,034.0 points, while falling to 21,730.50 points by 19:33 ET (00:33 GMT). It was largely flat at 43,324.0 points.
Wall Street is recovering from the Federal Reserve's decline last week
The US Federal Reserve forecast smaller-than-expected cuts in 2025 on Wednesday. This led to sharp declines in all three major indexes and a weekly decline on Wall Street.
The Fed signaled a cautious approach to monetary policy adjustments, stressing the need for continued progress on inflation before further interest rate cuts are considered.
Markets lowered their expectations for interest rate cuts after the Fed meeting, anticipating only two additional cuts next year.
Sentiment improved on Friday after the Fed's preferred measure of inflation rose at a slower-than-expected pace in November, while the rise was broadly in line with estimates.
Although recent data point to a cooling trend, the continued rise above the 2% target indicates that inflationary pressures have not yet been fully contained.
Chip stocks jump amid broader technology rally rumble Stocks rise
Wall Street indexes closed higher on Monday, led by a rise in semiconductor stocks that gave technology a strong start to the shortened holiday week.
The index gained 0.7% to 5,974.07 points, and rose 0.2% to 42,906.65 points, while the index rose 1% to 19,764.89 points.
Broadcom Inc (NASDAQ:) stock rose 5.5% as investors continued to snap up shares of the chipmaker following its bullish quarterly results and guidance issued earlier this month.
Qualcomm company (NASDAQ:) stock rose more than 3% after a jury found that its central processors were properly licensed under an agreement with a UK-based company. arm Holdings (NASDAQ:).
Among the “Magnificent Seven” giants, shares of NVIDIA Corporation (NASDAQ:), Meta Platforms Inc (NASDAQ:) and Tesla Inc (NASDAQ:) jumped between 2.3% and 3.7%.
Rumble Inc (NASDAQ:) stock rose more than 81% after the video-sharing platform said it received a $775 million strategic investment from the cryptocurrency company.
Eli Lilly (NYSE:) stock rose 3.7% after the U.S. Food and Drug Administration approved the drug company's weight loss treatment, Zepbound, for the treatment of obstructive sleep apnea on Friday.
