Wall St choppy as megacap losses offset chip gains before Fed decision

Wall Street traded choppily as losses in megacap technology names offset gains in semiconductor stocks, leaving major indexes without a clear directional trend ahead of the Federal Reserve's policy decision. The mixed tape reflects rotation within the Nasdaq-100 rather than a broad risk-off move, with capital shifting toward chipmakers while large-cap platforms such as Apple, Microsoft and Tesla gave back ground. Because the Nasdaq-100 is heavily weighted toward these megacaps, their individual moves carry outsized influence on the index, so the offsetting dynamics leave NDX range-bound. The dollar is sensitive to the same rate-expectations channel, as traders position for whether the Fed signals a shift in the policy path, which would reprice the rate differential against other major currencies. Traders will watch the Fed's rate decision and the accompanying press conference for guidance on the policy path, along with any revisions to the dot plot.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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