U.S. benchmark averages closed mixed on Monday (Tuesday AEDT), amid robust performances in technology stocks as investors turned focus toward the Fed's widely expected interest rate cut later this week.
The Dow Jones Industrial Average dipped 110.7 points, or 0.3% to 43,717.5, the S&P 500 gained 23 points, or 0.4% to 6,074.1 and the Nasdaq Composite added 247.2 points or 1.2% to 20,173.9.
Tech heavyweights, including Apple, Alphabet, Tesla, and Broadcom, surged to new all-time highs. Broadcom led the Nasdaq with an 11.2% jump, following its recent milestone of surpassing a $1 trillion market valuation.
However, Nvidia bucked the trend, retreating 1.8% and marking a correction of over 10% from its mid-November peak.
The Federal Reserve's two-day policy meeting set to commence on Tuesday remains a key focus for investors. The central bank is widely anticipated to lower its benchmark interest rate by 25 basis points following its September rate cut, the first in four years.
Meanwhile. the broader market is recovering from a subdued performance last week. The Dow fell 1.8%, the S&P 500 dipped 0.6%, and the Nasdaq managed a modest 0.3% gain.
On the bond markets, 10-year and 2-year yields were at 4.397% and 4.249%, respectively.