Another day, another rally by mega tech stocks.

Shares of iPhone maker Apple, Google-parent Alphabet, electric car maker Tesla and AI-chipmaker Broadcom all rallied to recent all-period highs, which helped power the tech-heavy Nasdaq to its own record peak. The Nasdaq closed up 1.24%, or 247.17 points, at a record 20,173.89.

The broad S&P 500 index ended up 0.38%, or 22.99 points, at 6,074.08 and the blue-chip Dow slipped for an eight consecutive session for its longest streak of declines since 2018. It closed down 0.25%, or 110.58 points, at 43,717.48.

All eyes are on the Federal safety net’s policy conference, which ends on Wednesday afternoon. Although the Fed’s expected to trim its short-term, standard fed funds rate again by a quarter percentage point, many economists expect the central lender to signal a slower pace of rate cuts next year and revise its economic outlook.

“This could be the last cut for a while,” said Jacob Channel, elder economist at comparison site LendingTree. “Because the upcoming Trump Administration’s policies might factor a resurgence in expense boost or otherwise throw the economy off equilibrium, the Fed might choose to receive a wait-and-view way and hold rates steady at their January conference.”

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Winners and losers

The day’s winners included:

Broadcom (AVGO): The chip software business extended its rally off its better-than-expected profits update late Thursday and powerful outlook. Shares are now up more than 120% for the year.

Bitcoin: The cryptocurrency surged to an all-period high above $107,000 after MicroStrategy said it bought an additional 15,350 bitcoin, bringing its total holdings to 439,000, worth about $46 billion.

Companies with the largest declines included:

Super Micro Computer (SMCI): The AI server business said its auditor resigned this fall and its shares will be axed from the Nasdaq-100.

Nvidia (NVDA): The AI chip business’s shares slipped, putting it officially into correction territory, traders said. Shares are down more than 10% from its closing high of $148.88 reached last month. Analysts said money’s moving into other AI-related companies after Nvidia’s 166% run up this year.

Elsewhere around the markets

Oil fell 1% to $70.58 per barrel after China reported soft retail sales data.

The 10-year Treasury profit dipped to 4.397% ahead of an expected Fed rate cut.

Medora Lee is a money, markets and expense management reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for expense management tips and business information every Monday through Friday morning.