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US stocks pulled back on Monday as Nvidia (NVDA) shares slipped amid a Chinese antitrust probe and as investors prepared for this week’s consumer inflation report,
The Dow Jones Industrial Average (^DJI) edged down 0.2%, coming off a losing week for the blue-chip index. The S&P 500 (^GSPC) fell 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) sank 0.7% 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 3% after Chinese authorities 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 more and bolder stimulus is on the way. Shares in Alibaba (BABA, 9988.HK) and XPeng (XPEV, 9868.HK) surged, following the lead of stocks in Hong Kong.
Markets appear to be taking the abrupt fall of President Bashar al-Assad in Syria in stride, with haven asset gold (GC=F) rising modestly. Optimism for China’s economy is seen as eclipsing any worries around geopolitical stresses in Syria, South Korea, France, and elsewhere.
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Major averages decline as Nvidia falls more than 3%
The major averages declined on Monday as chip stocks fell.
The Dow Jones Industrial Average (^DJI) dropped 0.2% while the S&P 500 (^GSPC) fell 0.4%. The tech-heavy Nasdaq Composite (^IXIC) also dropped 0.4%.
Nvidia (NVDA) shares slid more than 3% after China launched an anti-trust probe against the AI chip giant.
Chip peer AMD (AMD) also fell after BofA analysts downgraded the stock to Neutral from Buy amid amid higher competitive risks in AI versus Nvidia’s custom chips.
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Tesla stock outperforms, hits 52-week high
Tesla’s (TSLA) stock price rose more than 2% on Monday to touch a 52-week high of $404.80 per share.
The electric vehicle giant’s stock has been a major winner in the Trump trade since Donald Trump’s presidential victory last month.
CEO Elon Musk’s close relationship with Trump and his involvement with the incoming administration has helped the stock rally more than 50% since Nov. 5.
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Nasdaq slips as Nvidia falls on Chinese probe on possible violation of anti-monopoly laws
US stocks opened mixed on Monday as shares of AI chip heavyweight Nvidia (NVDA) slid amid a Chinese antitrust probe.
The Dow Jones Industrial Average (^DJI) was slightly higher, while the S&P 500 (^GSPC) wavered around the flat line. The tech-heavy Nasdaq Composite (^IXIC) slipped 0.2%.
Nvidia shares declined more than 2% after reports that Chinese authorities have launched an antitrust probe into the AI chipmaker amid an escalating US-China tech face-off.
Investors were also awaiting this week’s consumer inflation report, seen as a critical data point for the Federal Reserve when policymakers make their rate-setting decision at a Dec. 18 meeting.
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Nvidia slips amid China probe — here’s what else is happening today
