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Wall St subdued as chipmakers, growth stocks drag; Fed rate meet in focus

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Sept 18 - Wall Street's main indexes were subdued in choppy trading on Monday as some megacap and chip stocks declined in the run-up to the Federal Reserve's interest rate decision later this week.

A slump in chipmakers on concerns over weak demand and a slide in megacap growth stocks had driven the S&P 500 , the Nasdaq and the Dow to their worst single-day fall on Friday since Aug. 24, with the indexes losing between 0.8% and 1.5%. "Oil prices have entered into the narrative now and the Fed will consider this," said Peter Andersen, founder of Andersen Capital Management.

Goldman Sachs, much like other big investors such as J.P. Morgan Asset Management and Janus Henderson Investors, anticipates the central bank to lift its economic growth projections this week. It also expects rates to have peaked. L3Harris Technologies rose 0.9% after Wells Fargo upgraded the aerospace and defense firm to"overweight" from"equal-weight".

 

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