“Technology stocks shifted largely to the red Tuesday afternoon after the Federal Reserve’s latest round of interest rate cuts disappointed investors who were hoping for a more drastic move,” Benjamin Pimentel and Rex Crum report for MarketWatch.
“The Fed lowered the discount rate by a quarter point to 4.75%, but a rate cut of a half point had been widely expected. The Fed also cut the nation’s funds rate by a quarter point to 4.25%, which was in line with expectations,” Pimentel and Crum report.
“Reaction was swift, as the tech-heavy Nasdaq Composite Index fell ($COMPQ: 2,652.35, -66.60, -2.4%),” Pimentel and Crum report.
“Among bellwether tech stocks, Apple Inc. fell (AAPL: 187.71, -6.50, -3.3%) fell. Earlier in the session, Apple shares reached a new high of $196.83,” Pimentel and Crum report.
Full article here.