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Investing.com – US stock index futures were mostly volatile on Wednesday evening as markets were closed for Christmas, while Wall Street saw a rally in megacap stocks in short trading a day earlier. .
The New York Stock Exchange is closed on the Tuesday before Christmas Day, and the market is closed on Christmas Day. Business numbers were expected to be thin for the remaining shows in the shortened holiday week.
they settled at 6,097.50 points, while they were slightly higher at 22,060.00 points at 19:00 ET (00:00 GMT). were very stable at 43,620.00 points.
Tech gains push Wall Street higher
Tech added to its strong start to the week when the so-called Magnificent 7 leaked on Tuesday.
Tesla Inc (NASDAQ: ) jumped more than 7%, and Apple Inc (NASDAQ: ) gained 1.2%, while other tech powerhouses included Amazon.com Inc (NASDAQ: ), Meta Platforms Inc (NASDAQ: , Alphabet Inc (NASDAQ: ) also climbed.
Chip stocks, which had posted gains earlier in the week, extended gains on Tuesday as the Biden administration launched a new trade investigation into legacy Chinese-made chips.
The investigation, which could result in additional tariffs on Chinese semiconductors, highlights ongoing tensions in the global technology supply chain.
Broadcom Inc (NASDAQ: ) jumped more than 3%, while Intel Corporation (NASDAQ: ) gained 1%.
On Tuesday, it rose 1.1% to 6,040.04 points, and rose 1.4% to 20,031.13, while it rose 0.9% to 43,297.03 points.
Wall Street is recovering from last week’s Fed meltdown
The US Federal Reserve projected smaller-than-expected deficits in 2025 last week. This led to sharp falls in the three major indexes last week and a weekly decline on Wall Street.
The Fed showed a cautious approach to monetary policy changes, stressing the need for continued progress in inflation before considering further reductions.
Markets reduced expectations of a rate cut after the Fed meeting, and their prices have only halved in the next year.
Wall Street gradually discounted rate sentiment after the PCE inflation data came in softer than expected. The major stock indexes rallied on Monday and continued on Tuesday, regaining much of the ground they lost last week.
