Nasdaq Hits Record High as Fed Rate Cut Speculations Drive Market

The Nasdaq stock market achieved a record high on Monday, propelled by Broadcom's impressive performance. Investors are banking on the Federal Reserve to implement interest rate cuts to support economic growth, following a disappointing U.S. nonfarm payrolls report that sparked fears over potential economic slowdown.

Despite investor hopes for a substantial rate cut, financial experts caution against overly optimistic predictions. However, Barclays and Standard Chartered have adjusted their forecasts, suggesting various degrees of cutbacks. Broadcom's market capitalization has soared to $1.6 trillion, ranking it as the seventh most valuable company on Wall Street.

Market attention is set on the Federal Reserve's upcoming policy meeting, where at least a 25 basis point cut is anticipated. Additionally, investors will be focusing on forthcoming U.S. inflation data and labor statistics for further indications of the country's economic health.

(With inputs from agencies.)