04:34 PM EDT, 09/16/2024 (MT Newswires) -- The Dow Jones Industrial Average closed at its all-time high Monday as traders awaited the Federal Reserve's latest monetary policy decision due later in the week.

The Dow rose 0.6% to 41,622.1, while the S&P 500 increased 0.1% to 5,633.1. The Nasdaq Composite fell 0.5% to 17,592.1. Financials and energy led the gainers among sectors. Only technology and consumer discretionary closed lower.

The Federal Open Market Committee's two-day meeting is scheduled to kick off Tuesday, with a decision on its benchmark lending rate expected Wednesday.

There's currently a 63% probability that the FOMC will cut interest rates by 50 basis points, with the remaining odds in favor of a 25-basis-point reduction, according to the CME FedWatch tool.

Several analysts, including those at Goldman Sachs, Oxford Economics, and Oppenheimer Asset Management, expect policymakers to deliver a quarter-percentage-point rate cut.

"The state of the economy is good enough to avoid a larger than (25-basis-point) cut that might suggest to business, the consumer, and some market participants that the economy is in trouble -- at or near recession," Oppenheimer said in a Monday note to clients.

"With the downside risks to the labor market, the Fed will be dovish and hint that this is just the beginning of the easing cycle," Oxford Economics said in a separate note.

The US 10-year yield fell three basis points to 3.62% Monday, while the two-year rate dropped 1.7 basis points to 3.56%.

In economic news, New York manufacturing activity grew this month for the first time since November as orders and shipments increased substantially, the New York Fed said.

West Texas Intermediate crude oil jumped 2.7% to $70.47 a barrel. Prices increased as "considerable" crude oil and natural gas production in the Gulf of Mexico remained offline in the aftermath of Hurricane Francine, D.A. Davidson said in a Monday note to clients.

In company news, Intel ( INTC ) shares rose 6.4%, the top gainer on all three benchmark indexes, after the chipmaker said it received US government funding of up to $3 billion in support of the Secure Enclave program that helps secure the domestic supply chain of advanced chips for defense and national security systems.

Apple ( AAPL ) shares dropped 2.8%, the steepest decliner on the Dow and among the worst on the Nasdaq, after reports suggested that demand for the tech giant's recently announced iPhone 16 is lower than expected.

Micron Technology ( MU ) was among the biggest decliners on the S&P 500 and the Nasdaq, down 4.4%, as Morgan Stanley adjusted its price target on the stock to $100 from $140 while maintaining its equal weight rating.

Gold and silver were little changed at $2,609.80 per troy ounce and $31.09 per ounce, respectively.