Stock market today: Live updates

The S&P 500 fell slightly on Monday as investors awaited the highly anticipated Federal Reserve meeting, where central banks are expected to cut interest rates for the first time since 2020. Dow Jones Industrial Average rose to a new all-time high.

The S&P500 fell by 0.2%. The technology-heavy Nasdaq-Composite lost 1%. The Dow Jones with its 30 stocks, however, performed better and gained 101 points or 0.2%.

Apple Shares fell more than 2% after analysts at companies including Bank of America and JPMorgan noted that delivery times could indicate lower demand for iPhone 16 Pro models than last year.

Chip stocks like Nvidia, which led the market's comeback last week, traded lower as investors pulled back some of their bets. The AI ​​giant lost 2 percent on Monday. Broadcom lost nearly 4 percent, while KLA and Marvell Technology lost 1.8 percent.

The S&P 500 is about 1% below its July record and could hit a new all-time high this week. After a rocky start to a historically weak September, the three major U.S. indices ended last week's trading session higher, with the S&P 500 and Nasdaq just completing their best week of 2024.

The Fed meets on Tuesday and Wednesday and is expected to cut rates for the first time since it began its rate-hiking cycle in March 2022. A cut this week would be a crucial move, with many investors hoping the decision could lower borrowing costs for companies and improve overall earnings growth – which would boost economic growth.

The overnight interest rate is currently between 5.25 and 5.5 percent. According to the CME Group's FedWatch tool, which measures Fed Fund futures data, the market currently expects a 63 percent probability that the central bank will cut interest rates by 50 basis points.

The financials and energy sectors rose 0.9 percent on Monday, outperforming the overall market, while the information technology sector fell 0.7 percent, the biggest sector loss of the day.

Many investors are “profit-taking” on last year's gains in major technology companies, particularly semiconductor stocks, says Christopher Barto, senior investment analyst at Fort Pitt Capital.

Investors are “not necessarily seeing a complete change in market leadership, but other areas of the market are starting to recover, and that has a lot to do with the upcoming rate cuts,” Barto said.