• 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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