Finance

Despite an initial opening rally fueled by cooling geopolitical tensions, the S&P 500 and Nasdaq turned negative by midday due to a sharp correction in tech stocks. The downturn was led by the semiconductor sector, where major firms like AMD, Nvidia, and Micron suffered deep losses following a massive IPO in China and reports of advanced domestic chipmaking developments.

Apple shares rose to fresh all-time highs today, positioning the tech giant to surpass Nvidia as the largest publicly traded company in the United States. Propelled by investor anticipation of its upcoming quarterly earnings, Apple's market capitalization climbed to nearly $4.95 trillion while Nvidia dipped on broader hardware sector weakness.

The Dow Jones Industrial Average managed to hold modest gains as the investment community prepped for a highly unpredictable two-day Federal Reserve policy meeting. Bond yields fell and futures traders adjusted their expectations, pricing in a minority chance of an immediate rate hike amid mixed signals regarding persistent inflation and shifting economic momentum.