Wall Street was mixed early today as optimism over a potentially big rate cut from the Federal Reserve this week boosted most sectors, with the exception of technology stocks, according to the Associated Press. Futures for the S&P 500 were unchanged before the bell, while futures for the Dow Jones Industrial Average ticked 0.2% higher. Futures for the technology-heavy Nasdaq tumbled 0.3%.
Apple was down 2.4% early, while chipmaker Micron was dragged down about 3%.
Stocks were broadly supported by the bond market, where Treasury yields eased ahead of the Fed’s meeting. The unanimous expectation on Wall Street is for the Fed to deliver the first cut to interest rates in more than four years on Wednesday, and traders are rekindling hopes it may offer bigger-than-usual relief.
Shares of Boeing were somewhat stable after Friday’s decline, which was triggered by aircraft assembly workers who walked off the job. The ratings agency Fitch said a prolonged strike could lead to a ratings downgrade for the troubled aircraft manufacturer.
In energy trading, benchmark U.S. crude gained 65 cents to $68.30 per barrel. Brent crude, the international standard, added 56 cents to $72.17 per barrel.
In currency trading, the Japanese yen strengthened against the U.S. dollar, which fell to 140.03 yen from 140.82 yen.
