NEW YORK, Sept. 16 (Xinhua) -- U.S. stocks ended mixed on Monday, as investors looked ahead to the Federal Reserve's much-anticipated policy meeting, where central bankers are expected to cut interest rates for the first time since 2020.
The Dow Jones Industrial Average rose 228.30 points, or 0.55 percent, to 41,622.08. The S&P 500 added 7.07 points, or 0.13 percent, to 5,633.09. The Nasdaq Composite Index shed 91.85 points, or 0.52 percent, to 17,592.13.
Nine of the 11 primary S&P 500 sectors ended in green, with financials and energy leading the gainers by going up 1.22 percent and 1.20 percent, respectively. Meanwhile, technology and consumer discretionary led the laggards by dropping 0.95 percent and 0.32 percent, respectively.
The overnight lending rate is currently set between 5.25 percent and 5.5 percent. According to the CME Group's FedWatch tool, which tracks Fed fund futures, there is a 59 percent likelihood that the Fed will reduce rates by 50 basis points in its upcoming decision.
On the corporate front, Apple shares slipped 2.78 percent following reports from analysts at Bank of America and JPMorgan, who noted that shipping times may suggest weaker demand for the iPhone 16 Pro models compared to the previous year.
"Apple has returned more than 600 billion U.S. dollars in cash over the last decade, which makes it the greatest cash machine in history," said New York University's Aswath Damodaran on Monday. "So I like the company as a cash machine, but not as a growth engine."
Chip stocks, which drove last week's market recovery, took a hit as investors reduced their positions. Nvidia dropped 1.95 percent, while Broadcom fell 2.19 percent. KLA and Marvell Technology also declined by 2 percent and 1.45 percent, respectively.
