Ahead of this week’s U.S. Federal Reserve meeting, Apple and Wall Street’s main indexes seesawed throughout the session to close higher on Monday, as investors sought to pick up technology names that had been beaten down in recent days.
Devik Jain and David French for Reuters:
The gathering of U.S. central bank policymakers is widely expected to raise interest rates by half a percentage point, with this week’s move expected to kick off a period of aggressive rate hikes to counter inflation.
Nervousness heading into the meeting was reflected in a topsy-turvy session for U.S. equities. Intraday, the S&P 500 fell to its lowest level since May 2021, and the Nasdaq touched a level last seen in November 2020… As well as positioning themselves for the expected rate hike, traders were also looking to the launch of “quantitative tightening,” where the central bank reduces its balance sheet after buying bonds to support the economy during the pandemic.
High-growth stocks, such as technology companies, have been pummeled this year as a result of traders adjusting for this environment…
MacDailyNews Take: After spending much of the session in the red, Apple stock rallied at the close to gain $0.31 (+0.20%) at $157.96 and is currently up another nickle in after-hours trading.
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