Tech stocks face diverging performances as Nvidia leads the pack, while Apple struggles, causing a profit cool down and an emerging asymmetry among Big Tech stocks, affecting the overall earnings potential in 2024.
Bond investors, worried about persistently sticky inflation, have reduced their exposure to longer-dated U.S. Treasuries ahead of the Federal Reserve's two-day monetary policy meeting this week in which it is likely to hold interest rates steady. The U.S. central bank's policy-setting Federal Open Market Committee is widely expected on Wednesday to keep its benchmark overnight interest rate in the 5.25%-5.50% range for a seventh consecutive meeting. In his press conference after the end of the meeting, Fed Chair Jerome Powell is expected to continue emphasizing an easing bias, although he is likely to show little urgency to cut rates in the near term given persistent inflationary pressures and a still robust labor market.
The S&P 500 and Nasdaq edged higher despite initial volatility caused by a glitch at the NYSE, which led to trading halts in dozens of equities. Technology stocks performed well, while energy equities lagged. Traders anticipated potential rate cuts by the Fed following weak manufacturing data.
Wall Street stocks fall weighed by soft manufacturing data, NYSE glitches thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Little market impact expected from Trump guilty verdict malaymail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from malaymail.com Daily Mail and Mail on Sunday newspapers.