Nasdaq Hits Record High Amid Interest Rate Speculation

The Nasdaq reached a record high close on Monday, significantly boosted by Broadcom's rally. The S&P 500 also experienced gains as investors anticipate the Federal Reserve will cut interest rates to support economic growth. Following a troubling nonfarm payrolls report, there are increased concerns about the U.S. job market.

Traders have fully anticipated at least a 25 basis point interest rate cut at the Fed's upcoming meeting, with some betting on a 50 basis point cut. This speculation has led to varied forecasts among brokerages, with Barclays expecting more cuts than previously thought, and Standard Chartered adjusting its predictions accordingly.

Broadcom, rising by 3.2%, extended its rally, fueled by promising AI-related revenue growth, solidifying its position as one of Wall Street's most valuable companies. Meanwhile, key indices, including the S&P 500 and Dow Jones, posted modest gains. Market focus remains on inflation data and labor statistics for economic indicators.

(With inputs from agencies.)