Stock market today: Wall Street drifts as bitcoin jumps to another record

NEW YORK (AP) — U.S. stock indexes are drifting Monday ahead of a meeting by the Federal Reserve later this week that could set Wall Street’s direction into next year.

The S&P 500 rose 0.5% in afternoon trading, coming off its first losing week in the last four. The Dow Jones Industrial Average slipped 30 points, or 0.1%, as of 2:08 p.m. Eastern time, while the Nasdaq composite rose 1.2%.

MicroStrategy climbed 6% as it continues to benefit from the surging price for bitcoin, which set another record. The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will soon join the Nasdaq 100 index.

Bitcoin is hovering around $107,000 after earlier surpassing that amount, according to CoinDesk. It’s catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that President-elect Donald Trump will create a system that’s more favorable to digital currencies.

The market’s main event, though, will arrive on Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to give a boost to the slowing job market after getting inflation nearly all the way down to its target of 2%.

The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting.

For now, the general expectation among traders is that the Fed may cut two more times in 2025, according to data from CME Group. But that number has been shrinking following reports suggesting inflation may be tougher to get all the way down to 2% from here. Besides last month’s slight acceleration in inflation, another worry is that Trump’s preferences for tariffs and other policies could lead to higher inflation down the line.

Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year and is heading for one of its best years of the millennium. The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago.

On Wall Street, Broadcom leaped 10.7% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts' expectations. The technology company also gave a forecast for upcoming revenue that topped expectations, highlighting its artificial-intelligence offerings.

Honeywell rose 3.8% after saying it's still considering a spin-off or sale of its aerospace business, as part of a review of its overall business. It said it plans to give an update with the release of its fourth-quarter results.

They helped offset a drop for Nvidia, whose chips are powering much of the world's move into AI. Its stock fell 2.3%. Because it's grown so massive, with a total value topping $3 trillion, it was by far the single heaviest weight on the S&P 500.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury was at 4.40%, where it was late Friday. The two-year yield, which more closely tracks expectations for the Fed, edged down to 4.24% from 4.25%.

In stock markets abroad, indexes fell modestly across much of Europe and Asia.

They sank 0.9% in Hong Kong and 0.2% in Shanghai after China reported lackluster economic indicators for November despite attempts to strengthen the world’s second-largest economy.

South Korea’s Kospi fell 0.2% as law enforcement authorities pushed to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree, and the Constitutional Court met to discuss whether to remove him from office or reinstate him.

AP Business Writer Elaine Kurtenbach contributed.

The New York Stock Exchange is shown behind the statue titled "Fearless Girl", Thursday, Dec. 12, 2024, in New York. (AP Photo/Julia Demaree Nikhinson)

Signs mark the intersection of Wall Street and Broadway in New York's Financial District on Wednesday Dec.11, 2024. (AP Photo/Peter Morgan)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Dec. 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Dec. 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Dec. 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Rico Dowdle's second-half surge in his first season as the lead Dallas running back gives the Cowboys some interesting things to consider in the offseason.

The fifth-year player didn't have any 100-yard games in his career before becoming the first undrafted back in 10 years with three in a row in Dallas' 30-14 victory over Carolina on Sunday.

As the Cowboys (6-8) enter the final three games with virtually no chance to extend a three-year playoff run, Dowdle is set to take an increasingly impressive highlight reel into free agency. NFC South-leading Tampa Bay (8-6) visits Sunday night.

The 26-year-old has reset his career high in each of the past three games, capped by 149 yards against the Panthers. Dowdle's only rushing touchdown of the season (he has three receiving) came in his first 100-yard game, a 27-20 Thanksgiving victory over the New York Giants.

“Touchdowns are the only thing I am missing right now, but this is definitely a great time right now considering these past three weeks,” said Dowdle, who has 880 yards rushing. “Those guys have been opening it up, and it’s been three good weeks.”

“Those guys” are the blockers who have been without seven-time All-Pro right guard Zack Martin the past four games. Martin just had season-ending ankle surgery.

Brock Hoffman replaced Martin and has since been forced to slide over the center with rookie Cooper Beebe sidelined by a concussion. Left tackle Chuma Edoga left the Carolina game with an ankle injury but returned and had to move to right guard when T.J. Bass injured his leg.

Dowdle started the season slowly, averaging 34 yards over the first four games, back when Ezekiel Elliott was still a much bigger part of the rotation. Elliott returned to the Cowboys after a season away from the team for which he won two rushing titles as the fourth overall pick in the 2016 draft.

Now, Elliott is an afterthought for what's left of his time with the Cowboys, and possibly the NFL, as the Cowboys prepare to see what the market for Dowdle might look like.

Dowdle's future with the Cowboys could be tied to the draft as well. Dallas is trending toward the middle of the first round, so the question will be whether Boise State's Ashton Jeanty, the Heisman Trophy finalist who went to high school in the Dallas area, is still available.

The Cowboys have liked what Cooper Rush offers as a backup quarterback ever since he went 4-1 in 2022 filling in after Dak Prescott broke the thumb on his throwing hand in a season-opening loss.

After throwing a career-best three touchdown passes against the Panthers, Rush is 3-3 since Prescott's season-ending hamstring injury.

The Cowboys have won three of the past four, the lone loss coming against Cincinnati on a botched special teams play late, when their blocked punt could have put them in position for the victory.

Like Dowdle, Rush will be a free agent. There's a decent chance he will return since the Cowboys just signed Prescott to a $240 million, four-year extension.

The Cowboys are among the most-penalized teams in the NFL and were flagged a season-high 14 times against Carolina. Five of the Panthers' 16 first downs were by penalty.

WR CeeDee Lamb entered the Carolina game with just one 100-yard outing after having eight in his breakout 2023 All-Pro season. He had 104 yards before halftime against the Panthers and finished with 116.

Lamb has been steady all season while playing through a shoulder injury, getting at least 89 yards in seven games after ending a long holdout by signing a $136 million, four-year extension in August.

TE Luke Schoonmaker's role appears to have diminished again now that Jake Ferguson is back from a concussion. He had zero targets for the first time since early November. While Ferguson was out, Schoonmaker had the two most productive games in his two seasons with 56 and 55 yards.

The return of DE DeMarcus Lawrence this season is appearing unlikely. He's been out since Week 4 with a foot injury. There was no chance of him playing against Carolina, and the dim playoff outlook leaves little incentive to force anything with the 32-year-old. Lawrence is set for free agency.

Plus-6: Turnover margin for the Cowboys the past four games. Before that, they were among the worst in the NFL at minus-11.

The Cowboys are 4-0 on short rest this season, which means they're 2-8 on regular or extra rest. The next two weeks are regular rest before facing division leaders. After the Buccaneers visit, Dallas goes to Philadelphia. The Eagles are on the verge of clinching the NFC East, which the Cowboys won last season.

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Dallas Cowboys safety Israel Mukuamu celebrates after an interception against the Carolina Panthers during the second half of an NFL football game, Sunday, Dec. 15, 2024, in Charlotte, N.C. (AP Photo/Jacob Kupferman)

Dallas Cowboys wide receiver CeeDee Lamb catches a pass against the Carolina Panthers during the first half of an NFL football game, Sunday, Dec. 15, 2024, in Charlotte, N.C. (AP Photo/Jacob Kupferman)

Dallas Cowboys quarterback Cooper Rush passes against the Carolina Panthers during the second half of an NFL football game, Sunday, Dec. 15, 2024, in Charlotte, N.C. (AP Photo/Jacob Kupferman)

Dallas Cowboys running back Rico Dowdle runs against the Carolina Panthers during the first half of an NFL football game, Sunday, Dec. 15, 2024, in Charlotte, N.C. (AP Photo/Rusty Jones)