Wall Street traders gearing up for this week’s Federal Reserve decision kept driving a rotation out of the tech megacaps that have powered the bull market in stocks.
As bets on a half-point Fed cut on Wednesday kept growing, money continued to flow into economically sensitive corners of the market and out the perceived safety of big tech. Apple Inc. slumped over 3% after a closely followed analyst warned that demand for the iPhone 16 Pro has been lower than expected. While the S&P 500 saw a small loss on Monday — most of its shares were up.
