US stocks were mixed on Tuesday as investors grew cautious ahead of this week's FOMC meeting.
Investors currently see a more than 62% expectation for a larger 50 basis point rate cut from the Federal Reserve (Fed), according to CME's FedWatch indicator.
At the same time the market is also waiting for August US retail sales data to be released tonight to get new insights into the health of US consumers.
Intel shares jumped 8% after announcing plans to spin off its foundry business, and to receive up to 3% billion in funding by the Biden administration through the CHIPS Act.
The stock market on Monday yesterday saw the Dow set a new record high by jumping up 0.55%, the S&P 500 also rose by 0.13% while the Nasdaq Composite fell 0.52%.
Magnificent 7 shares also fell across the board with Apple lagging behind the market the worst.
Apple shares fell 2.8%, also driven by concerns over weaker demand for the upcoming iPhone 16.
Other notable decliners include Nvidia (-2%), Tesla (-1.5%) and Broadcom (-2.2%). Meanwhile, financial and energy stocks outperformed.
