Stock market today: S&P 500, Nasdaq pull back from records as Nvidia tumbles
US stocks pulled back on Monday as Nvidia (
NVDA
) shares slipped amid a Chinese antitrust probe and investors prepared for this week’s consumer inflation report.
The Dow Jones Industrial Average (
^DJI
) edged down 0.5%,
coming off a losing week
for the blue-chip index. The S&P 500 (
^GSPC
) fell 0.6%, while the tech-heavy Nasdaq Composite (
^IXIC
) also stumbled 0.6% in the wake of fresh records for both.
The next test for Wall Street stocks comes in a consumer inflation report, which will set the stage for the Federal Reserve’s final interest rate decision of the year. The November Consumer Price Index on Wednesday will stress-test the
widespread expectation
for a quarter-point rate cut on Dec. 18 after the
latest monthly jobs
report
failed to shake
that conviction.
Meanwhile, Nvidia stock slid more than 2.5% after
Chinese regulators opened a probe
into the chipmaker for potential breaches of anti-monopoly laws. The company’s lead in AI chips has put it in the middle of the US-China wrangles over tech.
But US-listed Chinese stocks popped after Beijing made its
first move toward loosening monetary policy
in over a decade, signaling bold stimulus is on the way. Shares of Alibaba (
BABA
,
9988.HK
) and XPeng (
XPEV
,
9868.HK
) surged, following
gains in Hong Kong
.
In corporate news, a
person of interest was arrested
in Pennsylvania related to the fatal shooting of UnitedHealth Group (
UNH
) executive Brian Thompson. The CEO of insurer UnitedHealthcare was
shot
last Wednesday outside the hotel in Manhattan where the company was holding its investor day.
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