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 0.3% in midday trading, coming off its first losing week in the last four.

The U.S. dollar advanced against major currencies on Monday, hovering near a three-week high, as markets await the Federal Reserve and other key central bank meetings this week for clues on the likely path of interest rates in 2025.

Bitcoin rallied to a new all-time high Sunday evening as investors awaited the Federal Reserve's final interest rate decision of the year.

Bitcoin (BTC-USD) surged above $106K on Monday before paring some gains, as the Federal Reserve's interest rate cut decision is expected to come in the week.  The cryptocurrency had hit $106,449, but retreated back to $104K soon enough.

Palantir Technologies, MicroStrategy, and Axon Enterprise joined the Nasdaq 100 Index on Monday, pushing out Super Micro Computer, Moderna, and Illumina.

MicroStrategy Inc., the dot-com-era software maker turned leveraged Bitcoin proxy, bought an additional $1.5 billion of the cryptocurrency through the sale of stock.