S&P 500’s Equal-Weighted Index Hits All-Time High: Markets Wrap
- Wall Street traders look beyond big tech in countdown to Fed
- Apple shares slump as analyst warns of weaker iPhone 16 demand
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Wall Street traders gearing up for this week’s Federal Reserve decision kept driving a rotation out of the tech megacaps that have powered the bull market in stocks.
As bets on a half-point Fed cut on Wednesday kept growing, money continued to flow into economically sensitive corners of the market. While the S&P 500 edged only mildly higher — most of its shares were up. The gauge’s equal-weighted version — one that gives Target Corp. as much clout as Microsoft Corp. — hit a record high on hopes the rally will broaden out.