Dow Notches Record High
US stocks saw a mixed performance on Monday, with investors treading carefully ahead of the Federal Reserve's key policy meeting on Wednesday.
The S&P 500 finished 0.1% higher, while the Dow Jones gained 228 points, hitting a new record high, and the Nasdaq slipped 0.5%. Market sentiment is focused on the Fed's expected interest rate cut, the first since 2020, with the probability of a larger 50-basis-point reduction climbing to over 60%, up from 50% last week.
Tech stocks were the worst hit, with Apple shares dropping 2.8% on concerns over weaker demand for the iPhone 16. Chipmakers, which helped fuel the market's recent recovery, also slid as investors reduced their positions, leading to 2% declines for Nvidia and Broadcom. On the flip side, the energy and financial sectors outperformed, led by a 1% rise in Chevron and 1.7% increase in JP Morgan shares. As the Fed's decision looms, traders remain on edge, anticipating potential market shifts based on the outcome.
Source : Trading Economics
