NEW YORK -- U.S. stock indexes drifted in mixed trading Monday ahead of this week's upcoming meeting by the Federal Reserve that could set Wall Street's direction into next year.
The S&P 500 rose 0.4%, coming off its first losing week in the past four. The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%.
Broadcom leaped 11.2% 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 is riding a wave of enthusiasm about its artificial-intelligence offerings in particular.
The market's main event, though, will arrive Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is it will cut its main rate for a third straight time, as it tries to boost 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.
On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin, which set another all-time high. But its stock ended the day down by les than 0.1% after bitcoin's price pulled back below $106,000 after setting a record above $107,700, according to CoinDesk.
The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will also soon join the Nasdaq 100 index.
All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89.
In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%.