From Investing.com: 2024-09-16 10:16:15

Technology stocks dragged down the Dow and Nasdaq as traders awaited the Federal Reserve’s upcoming monetary policy decision. Chip stocks like Nvidia, Broadcom, and Qualcomm fell, with Amazon, Tesla, and Apple also experiencing losses. The Dow hit a new high, with S&P 500 close behind, due to optimism about the central bank’s rate-cut plans.

Traders are anticipating a rate cut from the Federal Reserve during its upcoming meeting, with odds for a 50-basis-point reduction at 61%. Concerns about a possible economic slowdown led investors to speculate about a larger cut. Analysts are divided on the impact of a rate cut on the economy, with some suggesting a proactive approach from the Fed.

Intel Corp saw a 2.7% increase after qualifying for up to $3.5 billion in federal grants to produce semiconductors for the U.S. Department of Defense. Economic data on retail sales, jobless claims, housing starts, and industrial production is expected this week. The market saw more advancing stocks than declining ones, with the S&P 500 reaching 75 new highs.



Read more at Investing.com: Tech stocks drag on S&P 500, Nasdaq as Fed meeting nears By Reuters