Stock Market Today: Nvidia, Broadcom Lead Tech Santa Claus Rally

The article discusses the recent stock market rally, particularly in the technology sector, driven by strong performances from companies like Nvidia and Broadcom. It highlights the “Santa Claus rally” phenomenon, where stocks tend to rise in the final trading days of the year and the first two trading sessions of the new year. The article notes that the tech-heavy Nasdaq Composite index has outperformed the broader market, gaining over 2% in the past week. Nvidia’s stock surged after the company announced a new AI computing chip, while Broadcom’s shares rose on news of a $61 billion acquisition of VMware. The rally in tech stocks is seen as a positive sign for the market, with investors hoping for a strong start to 2024. However, the article cautions that the rally could be short-lived, as concerns over inflation, interest rates, and economic growth remain.

Source: https://markets.businessinsider.com/news/stocks/stock-market-today-nvidia-nvda-broadcom-tech-santa-claus-rally-2024-12