S&P 500 inches up, Nasdaq declines as tech weighs ahead of Fed decision
Canada’s commodity-linked main stock index rose to an all-time high on Monday, led by gains for energy and technology shares, as expectations rose the Fed eral Reserve would cut U.S. interest rates by half a percentage point at a policy decision this week.
“It’s probably the first cut of many to come” and that gives a boost to the resource-heavy Canadian market for a number of reasons, said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. On Wall Street, the S&P 500 eked out a slight gain in a subdued session while the Nasdaq fell on Monday, weighed down by a drop in technology stocks as investors assessed the likelihood of the upsized rate cut from the U.S. Federal Reserve.
The demand concerns also weighed on chipmakers, with Nvidia , the best performer on the S&P 500 this year, down 1.95%, Broadcom off 2.19% and Micron Tech 4.43% lower to push the Philadelphia SE Semiconductor index down by 1.41%. The Dow Jones Industrial Average rose 228.30 points, or 0.55%, to 41,622.08, the S&P 500 gained 7.07 points, or 0.13%, to 5,633.09 and the Nasdaq Composite lost 91.85 points, or 0.52%, to 17,592.13.
The Dow closed at a record high on Monday and the S&P 500 is less than 1% from its closing record set in July.
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