Investing.com - The Nasdaq hit a record high on Monday as investors cautiously await the final Federal Reserve policy meeting of the year.

At 12:48 ET (17:48 GMT), it was down 38 points, or 0.1%, the index rose 1%, and climbed 1.1%, and earlier hit a record intraday high of 20,145.48.

Fed Rate Cuts on Tap, 2025 Outlook in Focus

The Fed is widely expected to end its two-day meeting on Wednesday, after the central bank began an easing cycle earlier in the year.

The move will bring rates down by a total of 100 bps in 2024.

But the focus this week will be squarely on the central bank's plans for future easing, especially given potentially sticky inflation and inelasticity in the labor market.

Analysts broadly expected the central bank to signal a slower pace of rate cuts in the coming year, with recent comments from Fed officials suggesting as much.

Traders were pricing in a 79.7% chance the Fed will leave rates unchanged when it meets in January, it showed.

Preliminary activity data will also be studied for clues on the strength of the economy.

Microstrategy in the spotlight

On the corporate side, MicroStrategy (NASDAQ: ) stock rose more than 5% after it was announced as a new addition.

Ford (NYSE: ), meanwhile, fell more than 2% after Jefferies downgraded shares to underperform from hold. The firm cited concerns over valuation as well as inventory overhang.

Shares of Capri Holdings (NYSE: ) rose 6% after Women's Wear Daily reported that the company is exploring potential buyers for its Versace and Jimmy Choo brands, working with Barclays (LON:) to facilitate the process.

Although discussions are in the early stages, it is unclear whether the two brands will be sold together, separately, or not at all.

(Amber Warrick contributed to this article.)