Nasdaq Hits Record High as Tech Stocks Drive Market Gains

**Major Index Performance**- **S&P 500**: Gained 22.99 points, or 0.4%, to close at 6,074.08[3].- **Dow Jones Industrial Average**: Ticked down 110.58 points, or 0.3%, to close at 43,717.48[3].- **NASDAQ Composite**: Rose 247.17 points, or 1.2%, to close at a record high of 20,173.89[3].**Key Factors Driving Today's Market Direction**- Tech stocks drove the market, with the NASDAQ Composite reaching a record high. Investors are gauging the outlook for the Fed's December meeting[3].- Divergence between mega-cap stocks and the broader market, with high-momentum trades in mega-caps contrasting with weaker performance in other sectors[2].**Notable Sector Performance**- **Top Gainers**: - Consumer Discretionary Select Sector SPDR (XLY): Advanced 1.4% - Technology Select Sector SPDR (XLK): Advanced 1% - Communication Services Select Sector SPDR (XLC): Advanced 0.4%[3].- **Top Decliners**: - Energy Select Sector SPDR (XLE): Plunged 2.2%[3].**Market Highlights**- **Most Actively Traded Stocks**: No specific details available, but trading volume was higher than the last 20-session average, with 15.3 billion shares traded[3].- **Biggest Percentage Gainers and Losers**: Not specified in the sources, but the NASDAQ's strong performance indicates tech stocks were among the gainers.- **Significant Market-Moving News Events**: The market is anticipating the Fed's December meeting and reacting to the divergence between mega-cap and broader market performance[2][3].- **Important Economic Data Releases and Their Impact**: No specific economic data releases mentioned for today.**Technical Analysis**- **Current Market Trend**: The NASDAQ Composite is in a strong upward trend, reaching record highs, while the broader market shows signs of weakness[2][3].- **Key Support and Resistance Levels**: - For the S&P 500, support levels could be around 6,000 to 5,950 if the current level falters, and resistance at around 6,200 to 6,300[5].- **Trading Volume Analysis**: Higher than the last 20-session average, indicating increased market activity[3].- **VIX Movement and Implications**: The CBOE Volatility Index (VIX) increased 6.4% to 14.69, suggesting increased market volatility expectations[3].**Forward-Looking Elements**- **Pre-market Futures Indication**: Not specified in the sources.- **Key Events to Watch for Tomorrow**: The Fed's December meeting and its potential impact on market direction.- **Important Upcoming Earnings Releases**: No specific releases mentioned for the immediate future.- **Potential Market Catalysts**: The Fed's decision at its December meeting and the ongoing divergence between mega-cap and broader market performance[2][3].This content was created in partnership and with the help of Artificial Intelligence AI