Tech Stocks Tumble Ahead of Federal Reserve Decision

Technology stocks faced a downturn ahead of an anticipated monetary policy decision by the Federal Reserve. Apple, Nvidia, and Broadcom were among the notable decliners. Meanwhile, the Dow Jones saw minor gains. Investors are cautious, awaiting a likely shift in borrowing costs and the macroeconomic outlook.

Technology stocks weighed heavily on the Nasdaq and the S&P 500 on Monday as investors remained cautious ahead of a key monetary policy decision by the Federal Reserve. Analysts anticipate a significant cut in borrowing costs, affecting rate-sensitive stocks the most.

The semiconductor sector saw notable declines, with Nvidia dropping 2%, Broadcom losing 3.4%, and Qualcomm down by 1.5%. Other growth stocks like Apple also faced downturns, plunging by 3% due to weaker-than-expected demand for new iPhones, according to analysis by TF International Securities.

On the other hand, Intel climbed 3.4% after qualifying for federal grants to produce semiconductors for the U.S. Department of Defense. Boeing, however, dipped 1.3% amid hiring freezes and potential furloughs. As the market awaits the Fed's decision, financials rose 0.90%, although markets remained largely subdued.

(With inputs from agencies.)