Stock Market Today: S&P 500 ends lower as Apple dents tech, rate-cut bets cool
Investing.com — The S&P 500 fell just short in its bid for another record close on Monday, pressured by an Apple-led slump in tech and a further cooling in sooner rate-cut expectations ahead of a busy week of top-tier economic data and testimony from Fed chair Jerome Powell.
At 16:00 ET (21:00 GMT), the benchmark S&P 500 fell 0.1% just shy of its closing high of 5,137.08, whiel the tech-heavy Nasdaq Composite fell 0.4%, and the blue-chip Dow Jones Industrial Average lost 97 points, or 0.2%.
Atlanta Fed President Raphael Bostic struck a caution tone on rate cuts Monday, the anticipation of the Fed cutting rates sooner rather than later could feed into the «pent- up exuberance,» unleashing a fresh wave of demand-led inflation on stronger economic growth and undoing the Fed's progress.
Bets on a June rate cut were marginally lower, with about 49.5% expecting a cut, down from 57% a day earlier.
The remarks came just days ahead of of testimony from Fed Chair Jerome Powell before a House Committee on Wednesday and a Senate panel on Thursday.
Powell is anticipated to largely reiterate the Fed’s stance that rates should be kept steady in the face of sticky inflation — a notion that has been echoed by several officials at the central bank over the past two weeks.
«Jay Powell is unlikely to commit to a start date for policy rate cuts at his testimony this week. A pivot to December's 'dovish' tone is unlikely,» Macquarie said in a note.
After Powell’s testimony, February nonfarm payrolls data is due out on Friday. The reading could offer fresh insight into the state of the labor market, a key consideration for Fed rate-setters.
Apple received a 1.84 billion euro antitrust fine received from the European Commission for
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