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Stock Market Today: S&P 500 ends lower as Apple dents tech, rate-cut bets cool

Published 03/03/2024, 07:26 PM
Updated 03/04/2024, 04:21 PM
© Reuters. -- The S&P 500 fell just short in its bid for another record close on Monday, pressured by an Apple-led slump in tech and a further cooling in sooner rate-cut expectations ahead of a busy week of top-tier economic data and testimony from Fed chair Jerome Powell.

At 16:00 ET (21:00 GMT), the benchmark S&P 500 fell 0.1% just shy of its closing high  of 5,137.08, whiel the tech-heavy Nasdaq Composite fell 0.4%, and the blue-chip Dow Jones Industrial Average lost 97 points, or 0.2%.  

Fed official continue to urge patience on rate cuts ahead of Powell testimony, nonfarm payrolls 

Atlanta Fed President Raphael Bostic struck a caution tone on rate cuts Monday, the anticipation of the Fed cutting rates sooner rather than later could feed into the "pent- up exuberance," unleashing a fresh wave of demand-led inflation on stronger economic growth and undoing the Fed's progress. 

Bets on a June rate cut were marginally lower, with about 49.5% expecting a cut, down from 57% a day earlier.

The remarks came just days ahead of of testimony from Fed Chair Jerome Powell before a House Committee on Wednesday and a Senate panel on Thursday.

Powell is anticipated to largely reiterate the Fed’s stance that rates should be kept steady in the face of sticky inflation -- a notion that has been echoed by several officials at the central bank over the past two weeks.

"Jay Powell is unlikely to commit to a start date for policy rate cuts at his testimony this week. A pivot to December's 'dovish' tone is unlikely," Macquarie said in a note.

After Powell’s testimony, February nonfarm payrolls data is due out on Friday. The reading could offer fresh insight into the state of the labor market, a key consideration for Fed rate-setters. 

Apple (NASDAQ:AAPL) gets hit with $2B antitrust fine; Super Micro boosts chip stocks

Apple received a 1.84 billion euro antitrust fine received from the European Commission for allegedly stifling competition from rival music streaming services including Spotify (NYSE:SPOT) by imposing restrictions on its App store. 

Apple said it would appeal the fine, but its shares fell 2% dragging big tech lower, though a rising semiconductors kept a lid on losses in the broader tech space. Super Micro Computer Inc (NASDAQ:SMCI), up 18%, led the charge for chip stocks as investors cheered new that the AI server maker i set to join the S&P 500 on Mar. 18. 

Investor group increases Macy's takeover offer

Macy's (NYSE:M) jumped more than 13% after an investor group consisting of Arkhouse Management and Brigade Capital hiked its offer to take the department store chain private to $24 in cash per Macy’s share, up from its earlier offer of $21 per share. 

The offer represents a 33% premium to Macy’s close on Friday, and values the chain at about $6.6 billion. Arkhouse said that the group was open to further increasing the takeover price.

Macy's, which rejected a prior bid in November, said in a statement on Sunday that its board will review the new proposal. The offer comes after Macy's announced a major restructuring drive that will see the firm slash costs, reduce inventory, and shutter 150 stores over the next three years.

Cryptocurrency-related stocks surge as Bitcoin targets all-time high

Crypto-related stocks, including crypto exchange Coinbase Global (NASDAQ:COIN), and crypto miners Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) were sharply higher after bitcoin topped $67,000 as it looks to surpass its prior high of $68,990.90. 

(Scott Kanowsky, Ambar Warrick contributed to this report.)

Latest comments

oh really
About banks ?
And NYCB? Nothing?
Bullish?  Market was red today.
20 basis on spoos is nothing
  Then it's neutral, not bullish.
Bond yields are recovering in anticipation of the final round of rate hikes as reality finally sets in.
FedWatch suggests no coming round of rate hikes.
scamcoins are at all time highs. Even the memecoins which hold no actual value like dogecoin or shibcoin are up in double digits. Ah yes, totally not a bubble. Things will totally not collapse. this is totally normal
Agreed, who is buying at these levels?
Trim losses... man recovered for no reason
Still ended red.  It never got very red intra-day, so not much to recover from.
JPow will speak on Mar 6.
They are ridiculous, confirming that they are only interested in taking money away from savers by causing markets to collapse with meaningless excuses... This criminal system will end when they ban short selling, it is absurd that they cause securities to collapse at will just to rob investors peoples.
I don't know where you are putting your savings, but I am getting a better return on my savings than I have in over 20 years.
ban short selling? did you take your meds today? So markets should just go up? that is insanity
  Long term, markets do pretty much "just go up" with short selling.
Apple -3%, Google -3%, Tesla -7%, Bancorp -12% = new ATH on SP500. Funny stocks like Gamestop, Nvidia, etc. hold the market.
The miracles come one after another.  Can't have anything but criminally manufactured "rallies" and record highs in the BIGGEST INVESTMENT JOKE IN THE WORLD.
If miracles are criminal, then so is God!
Vix and us note technical indicators about to shoot up.  fed's inflation projections for march are up from february.
Don't be a bag holder: Insiders and Hedge Funds DUMPING Stocks at Alarming Rate
Show us the data?
 Do some research.
apple, tesla, google all down 3%. you know what is up? memes like nvda and amd are up 4%. memes are holding the market up lol
what will happen after Trump takes power again ?
hey dum-dum troll... not gonna happen...
Stock market rally.
World may not last that long with the current leadership.
until market opens..
US stocks will rally once market open......theres norecession, economic slowdown and inflation in Wall Street....only unlimited surging demands in AI .......
Agree, As a scientist, I'm quite confident that AI is going to have an enormous impact, both positive and negative, for the foreseeable future.
International trade agreements impact markets around the world.
Alternative investments are gaining in popularity.
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