U.S. stocks ended mixed on Monday, as traders’ expectations for the Federal Reserve to deliver a 50-basis-point rate cut on Wednesday continued to grow. The Dow Jones Industrial Average went up 228.30 points or 0.

Indexes rallied Thursday, with tech stocks leading the Nasdaq to rise 2.5% as investors continued to digest Wednesday's jumbo rate cut from the Fed.

The Federal Reserve is expected to cut its influential fed funds rate in its September meeting. But economists and market watchers are waiting to know by how much.

Stocks were either up big, or down a lot, in the year after the first Federal Reserve interest rate cutting cycle, according to a team led by Keith Lerner, co-chief investment officer at Truist Advisory Services.

Some analysts had said the 50 basis point cut was already priced in by the market, but others said it would be positive for emerging markets such as India, bringing greater foreign inflows over time.