NEW YORK, Sept 17 (Bernama-Xinhua) -- US stocks ended mixed on Monday, as investors looked ahead to the Federal Reserve's much-anticipated policy meeting, where central bankers are expected to cut interest rates for the first time since 2020, reported Xinhua.
The Dow Jones Industrial Average rose 228.30 points, or 0.55 per cent, to 41,622.08. The S&P 500 added 7.07 points, or 0.13 per cent, to 5,633.09. The Nasdaq Composite Index shed 91.85 points, or 0.52 per cent, to 17,592.13.
Nine of the 11 primary S&P 500 sectors ended in green, with financials and energy leading the gainers by going up 1.22 per cent and 1.20 per cent, respectively. Meanwhile, technology and consumer discretionary led the laggards by dropping 0.95 per cent and 0.32 per cent, respectively.
The overnight lending rate is currently set between 5.25 per cent and 5.5 per cent. According to the CME Group's FedWatch tool, which tracks Fed fund futures, there is a 59 per cent likelihood that the Fed will reduce rates by 50 basis points in its upcoming decision.
On the corporate front, Apple shares slipped 2.78 per cent following reports from analysts at Bank of America and JPMorgan, who noted that shipping times may suggest weaker demand for the iPhone 16 Pro models compared to the previous year.
"Apple has returned more than US$600 billion in cash over the last decade, which makes it the greatest cash machine in history," said New York University's Aswath Damodaran on Monday. "So I like the company as a cash machine, but not as a growth engine."
Chip stocks, which drove last week's market recovery, took a hit as investors reduced their positions. Nvidia dropped 1.95 per cent, while Broadcom fell 2.19 per cent. KLA and Marvell Technology also declined by 2 per cent and 1.45 per cent, respectively.
-- BERNAMA-XINHUA
