• Tuesday: Retail Sales; Salesforce $CRM Event
• Wednesday: Fed Rate Cut Decision, FOMC Dot-Plot, Powell⚠️⚠️
• Thursday: Jobless Claims, Philly Mfg. Survey, Existing Home Sales; $FDX Earnings
- 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.
- The S&P 500 fell 0.3%. Banks largely outperformed the broader market as a top analyst said prospects for a soft economic landing should trump margin pressures.
- Hedge funds are back to buying big technology stocks, according to a recent Morgan Stanley’s prime brokerage report. Conversely, defensive sectors have been net sold as the fundd trimmed their exposure across real estate, health care and utilities.
- Apple shares declined more than 3% after analysts at firms, including Bank of America and JPMorgan, noted that shipping times could point to lighter demand for iPhone 16 Pro models than the prior year.
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