Axon Enterprise, Inc. (AXON) stock declined 5.29% on Monday in pre-market trading, amid a broader selloff in technology stocks as investors braced for the Federal Reserve's interest rate decision later this week.
The stock's plunge came despite Axon being set to join the prestigious Nasdaq 100 index on December 23, replacing Super Micro Computer (SMCI). While the inclusion in the tech-heavy index is typically seen as a positive development, it seems to have been overshadowed by broader market concerns.
Traders are anxiously awaiting the Fed's final rate decision of the year on Wednesday, with most expecting a 25-basis-point rate cut. However, the central bank's outlook for 2025, including its updated "dot plot" of forecasts, will be closely watched for clues on the pace of future rate adjustments amid persistent inflation and strong economic growth.
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