Fed optimism drives Wall Street higher
- Wall Street edged higher on Monday, supported by Facebook, Amazon and Apple, as investors awaited a key Federal Reserve meeting that is expected to lay the groundwork for an interest rate cut later this year.
Buttressing expectations of a rate cut this year, the New York Federal Reserve said its Empire State gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity. The S&P banks index, which tend to benefit from a rising interest rate environment, dropped 1%, while the broader S&P 500 financial sector fell 0.93%.
The Philadelphia Semiconductor Index dropped 0.64%, hurt by a 2.8% decline in Advanced Micro Devices and a 2.43% fall in Lam Research. U.S. chip stocks have been whipsawed in recent weeks by uncertainty related to the trade dispute, and by Washington’s move in May to blacklist Chinese technology company Huawei.
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