US sharemarkets were mixed on Monday. Wall Street traders gearing up for this week’s US Federal Reserve decision kept driving a rotation out of the technology megacaps that have powered the bull market in stocks. As bets on a half-point Fed cut on Wednesday kept growing, money continued to flow into economically sensitive corners of the market and out the perceived safety of big tech. S&P 500 financials and energy sector stocks led gains, both up 1.2%. Intel jumped 6.4% after a report showed it qualified for as much as US$3.5 billion in federal grants to make semiconductors for the US Department of Defence. Apple slid 2.8% after an analyst at TF International Securities said demand for its latest iPhone 16 models was lower than expected. The demand concerns also weighed on chipmakers, with Nvidia down 2%. Boeing lost 0.8% after the planemaker said it was freezing hiring and weighing temporary furloughs in the coming weeks as its workers' strike stretched to its fourth day. The Dow Jones index rose to a record closing high. The S&P 500 index inched up but the Nasdaq index fell.


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