Finance

Technology stocks continued their downward momentum, driven primarily by a widespread retreat in major chipmakers. AI powerhouse Nvidia plunged 5%, alongside substantial losses from Advanced Micro Devices and a sharp 11% slide for Sandisk due to memory market weakness. Industry sentiment was heavily impacted by the market entry of Chinese competitor CXMT and investor anxieties over mounting corporate artificial intelligence expenditures.

Bucking the negative trend across the broader technology sector, Apple Inc. shares rallied over 1% to touch an intraday peak of $339.50. The surge brought the iPhone manufacturer within reach of a historic $5 trillion valuation milestone ahead of its upcoming quarterly earnings report. With this move, Apple surpassed Nvidia to recapture its position as the largest publicly traded company in the United States.

The bond market saw yields adjust downward, with the benchmark 10-year U.S. Treasury note yield settling lower at approximately 4.65%. Fixed-income investors are exhibiting caution ahead of the Federal Reserve's policy announcement on Wednesday. Although central bank officials are widely projected to keep interest rates unchanged, persistent inflation near 4.1% keeps the possibility of an unexpected rate hike alive in what is considered a highly unpredictable monetary decision.