LIVE MARKETS-Nasdaq jumps in early trade as Mag 7 stocks, chips show strength

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NASDAQ JUMPS IN EARLY TRADE AS MAG 7 STOCKS, CHIPS SHOW STRENGTH

Wall Street's main indexes are higher early on Monday, with the Nasdaq .IXIC jumping more than 1.5%, buoyed by expectations of an imminent Federal Reserve interest rate cut in December, while investors are also combing for fresh data to gauge the central bank's next move.

Investors are pricing in a 79% chance the central bank will deliver a 25-basis-point interest rate cut next month, compared with 42% a week earlier, according to CME Group's FedWatch Tool.

Indeed, in what will be a holiday shortened week, the Nasdaq is kicking off the week with a strong rise. The S&P 500 index .SPX is gaining, while the Dow .DJI is edging green.

A majority of S&P 500 sectors are actually lower with Energy .SPNY, down more than 1%, taking the biggest hit. Communication Services .SPLRCL, Consumer Discretionary .SPLRCD, and Tech .SPLRCT are the leading gainers.

With this, the Mag 7 ETF MAGS.K, up 2.5%, and chips .SOX, up more than 3%, are among outperformers. Gold stocks .HUI are also posting above market gains.

Here is a snapshot of where markets stood around 9:54 a.m. ET:

(Terence Gabriel)

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