Home Editor's Picks Stock Market Today: S&P 500 ends lower as Apple dents tech, rate-cut bets cool

Stock Market Today: S&P 500 ends lower as Apple dents tech, rate-cut bets cool


Stock Market Today: S&P 500 ends lower as Apple dents tech, rate-cut bets cool By Investing.com

Breaking News


AuthorYasin EbrahimStock Markets

Published Mar 03, 2024 07:26PM ET
Updated Mar 04, 2024 04:21PM ET

© Reuters.

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%.  

Fed official continue to urge patience on rate cuts ahead of Powell testimony, nonfarm payrolls 

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 (NASDAQ:AAPL) gets hit with $2B antitrust fine; Super Micro boosts chip stocks

Apple received a 1.84 billion euro antitrust fine received from the European Commission for allegedly stifling competition from rival music streaming services including Spotify (NYSE:SPOT) by imposing restrictions on its App store. 

Apple said it would appeal the fine, but its shares fell 2% dragging big tech lower, though a rising semiconductors kept a lid on losses in the broader tech space. Super Micro Computer Inc (NASDAQ:SMCI), up 18%, led the charge for chip stocks as investors cheered new that the AI server maker i set to join the S&P 500 on Mar. 18. 

Investor group increases Macy’s takeover offer

Macy’s (NYSE:M) jumped more than 13% after an investor group consisting of Arkhouse Management and Brigade Capital hiked its offer to take the department store chain private to $24 in cash per Macy’s share, up from its earlier offer of $21 per share. 

The offer represents a 33% premium to Macy’s close on Friday, and values the chain at about $6.6 billion. Arkhouse said that the group was open to further increasing the takeover price.

Macy’s, which rejected a prior bid in November, said in a statement on Sunday that its board will review the new proposal. The offer comes after Macy’s announced a major restructuring drive that will see the firm slash costs, reduce inventory, and shutter 150 stores over the next three years.

Cryptocurrency-related stocks surge as Bitcoin targets all-time high

Crypto-related stocks, including crypto exchange Coinbase Global (NASDAQ:COIN), and crypto miners Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) were sharply higher after bitcoin topped $67,000 as it looks to surpass its prior high of $68,990.90. 

(Scott Kanowsky, Ambar Warrick contributed to this report.)

Stock Market Today: S&P 500 ends lower as Apple dents tech, rate-cut bets cool

Related Articles

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News