Tech Stocks Drive Wall Street Gains Amid Holiday Trading

The S&P 500 and Nasdaq Composite saw gains as tech stocks, known as the 'Magnificent Seven', lifted markets during holiday trading. Despite a recent slowdown following the Federal Reserve's adjusted rate forecast, markets are entering a strong period, known as the 'Santa Claus Rally'.

The S&P 500 and Nasdaq Composite ended Monday on a high note, with gains driven by significant rises in tech stocks, dubbed the 'Magnificent Seven'. On a day marked by holiday-thinned trading, these tech giants had a pronounced impact on market performance.

Major names such as Meta Platforms, Nvidia, and Tesla closed higher, bolstering the Nasdaq Composite to its third successive advance and the S&P 500 to its second upward movement in three sessions. With the year-end approaching, markets are entering a traditionally strong period, known as the 'Santa Claus Rally'.

Despite the Federal Reserve's recent adjustment in rate forecast leading to market fluctuations, trends in tech shares remain optimistic. Notably, Qualcomm shares increased following a favorable jury ruling, while Walmart faced scrutiny over alleged exploitative practices.

(With inputs from agencies.)