Stocks in the US were higher on Monday, with the S&P 500 rising 0.4%, the Nasdaq adding 0.5% and the Dow Jones gaining about 50 points, as traders await the Fed's policy decision. Markets have fully priced in a 25 bps cut to the fed funds rate, while leaving a small chance for a larger 50 bps move. Investors largely expect rate cuts to persist through year-end. On the corporate front, Tesla shares surged nearly 7% after reports that Elon Musk purchased about $1 billion worth of the EV maker's stock last week.
In contrast, Nvidia slipped about 1.5% after Chinese regulators said the company had violated anti-monopoly laws with its 2020 deal to acquire Mellanox Technologies. Also, Texas Instruments was down 3.8% after China launched an anti-dumping investigation targeting certain US analog chip makers. This comes as US and Chinese officials hold trade talks in Madrid, with President Trump noting that discussions had gone 'very well' and that he would speak with Xi Jinping on Friday.
Source: Trading Economics
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