S&P 500 Edges Up in Mixed Session as Nasdaq Falls Amid Tech Stock Slump

The S&P 500 saw a slight gain whereas the Nasdaq fell on Monday, dragged down by a drop in technology stocks. Apple and other major tech firms faced sell-offs due to anticipated Federal Reserve decisions on rate cuts. Despite the mixed outcomes, the Dow Jones achieved a record high.

The S&P 500 eked out a slight gain in Monday's subdued trading session, whereas the Nasdaq fell, driven down by a drop in technology stocks. Investors were cautious ahead of an expected rate cut from the U.S. Federal Reserve. The S&P technology index was the session's biggest decliner, losing 0.95%.

Apple's stock dropped 2.78%, significantly impacting both the S&P index and Nasdaq Composite, following reports of lower-than-expected demand for its latest iPhone 16 models. This concern also hit chipmakers, with Nvidia, Broadcom, and Micron Tech all seeing declines. The Philadelphia SE Semiconductor index fell by 1.41% as a result.

According to Ken Polcari, chief market strategist at SlateStone Wealth, investors are selling major names like Apple and Nvidia to raise cash quickly ahead of the Federal Reserve's announcement. The Dow Jones Industrial Average rose by 228.30 points, the S&P 500 gained 7.07 points, and the Nasdaq Composite lost 91.85 points. While technology and consumer discretionary stocks fell, financials and energy stocks were the day's best performers.

(With inputs from agencies.)