Stocks traded mixed on Monday, with tech names struggling ahead of a crucial week dominated by expectations for the Federal Reserve's first interest-rate cut in four years. The tech-heavy Nasdaq Composite fell roughly 0.7%. The Dow Jones Industrial Average rose 0.5%, while the S&P 500 was little changed after strong weekly wins for the major stock gauges. Techs are under pressure as Apple shares lose ground amid concerns about iPhone 16 sales. The megacap's stock fell 2.
More broadly, stocks are diverging amid rising bets that the Fed will opt for a more drastic 50 basis point cut in its monetary policy decision on Wednesday, at the end of its two-day meeting. The central bank is almost universally expected to bring in the first US rate cut in four years — a significant policy shift and an official end to a years-long tightening campaign designed to tamp down inflation.
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