S&P 500 and Nasdaq fall as chip stocks weaken ahead of Federal Reserve meeting

From Nasdaq:

The S&P 500 and Nasdaq fell as megacap and chip stocks weakened ahead of the Federal Reserve’s policy meeting. Nvidia fell 3.0% after unveiling the Blackwell B200 AI chip, while AMD, Marvell, and Intel also saw losses. Super Micro Computer dropped 11.5% after announcing a share sale. The Dow Jones was up, while S&P 500 and Nasdaq were down.

Investors are watching the Fed’s meeting for economic projections that could impact interest rates. Traders have pulled back bets on a rate cut, with focus on inflation. Coinbase, Riot, and Marathon saw losses, while Spire Global and Fusion Pharmaceuticals surged. Advancing issues surpassed decliners on NYSE and Nasdaq.

Robust inflation data has traders adjusting expectations for interest rate cuts. The Fed’s economic projections may signal a shift in policy easing cycle. Coinbase, Riot, and Marathon saw declines, while Spire Global and Fusion Pharmaceuticals saw gains. Advancing issues exceeded decliners on both NYSE and Nasdaq.



Read more at Nasdaq: US STOCKS-S&P 500, Nasdaq fall in lead-up to Fed meeting; chip stocks down