Stock rotation hits Megacaps as Apple sinks 3%. Wall Street traders gearing up for this week’s Federal Reserve decision kept driving a rotation out of the tech 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. Apple Inc. sank after a closely followed analyst warned that demand for the iPhone 16 Pro has been lower than expected. While the S&P 500 didn’t do much on Monday, its equal-weighted version — one that gives Target Corp. as much clout […]
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