The NASDAQ Composite rose to a record, aided by a rally in tech, as investors awaited the Federal Reserve’s policy meeting.
The Dow Jones Industrial index dumped 110.21 points to 43,819.11, running its losing streak to eight straight sessions.
The S&P 500 index recovered 23.03 points to 6,074.12
The tech-heavy NASDAQ spiked 247.17 points, or 1.2%, to 20,173.89.
Shares of Apple, Google-parent Alphabet, electric car maker Tesla and AI-chipmaker Broadcom all rallied to fresh all-time highs. Broadcom, which topped a $1 trillion market value for the first time last week, led the NASDAQ higher with a gain of 11%. The tech and consumer discretionary sectors of the S&P 500 also closed at records.
Bucking the upward trend was artificial intelligence chipmaker Nvidia, the market favorite that led stocks higher the past two years, pulling back 1.7% and falling into a correction of more than 10% from its recent all-time high in mid-November.
The Fed set to begin its two-day policy meeting Tuesday. It’s expected to cut rates by a quarter-point at its conclusion on Wednesday. The key for investors will be forward guidance on future policy moves.
Prices for the 10-year Treasury sagged a bit, raising yields to 4.40% from Friday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices dropped 29 cents to $70.60 U.S. a barrel.
Prices for gold settled $5.60 an ounce to $2,670.20 U.S.
