Nasdaq notches record high close; traders look ahead to Fed meeting

THE NASDAQ notched a record high close on Friday in a mixed trading session, lifted by Microsoft as investors looked ahead to the US Federal Reserve's policy meeting next week, when it is widely expected to cut interest rates to counter a slowdown in the jobs market.

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Fueled by Tesla and other technology-related stocks, the Nasdaq added to a rally in the previous session that saw all three indexes hit all-time highs.

Investors are laser-focused on the Fed’s meeting on Tuesday and Wednesday. Traders expect the central bank to cut interest rates by 25 basis points after recent data showed longstanding weakness in hiring and easing inflation concerns.

“Because we had such a nice jump in the stock market yesterday, investors are basically catching their breath,” said Sam Stovall, chief investment strategist CFRA Research. “There’s really not going to be any data between now and Wednesday. It’s a sort of wait-and-see attitude.”