S&P Falls to Start Week
Stocks fell on Monday as investors looked ahead to Nvidia earnings later in the week.
The Dow Jones Industrials plummeted 349.27 points to close Monday at 45,282.47.
The S&P 500 dipped 27.59 points to 6,439.32.
The NASDAQ lost 47.24 points to 21,449.29.
The NASDAQ had been bolstered earlier in the day with a rise in Nvidia shares, which finished around 1% higher, before the index’s gains lost steam.
The artificial intelligence chip darling received a number of positive endorsements from analysts heading into its earnings report after the bell Wednesday.
Intel shares also initially extended their gains from the previous session on the heels of Commerce Secretary Howard Lutnick revealing Friday that the U.S. government has taken a 10% stake in the chipmaker. Shares of Intel were last down about 1%.
That could be a sign of more to come from the Trump administration, as White House economic advisor Kevin Hassett said Monday that the stake is part of broader strategy to create a sovereign wealth fund.
In the week ahead, traders are also looking forward to Friday’s July personal consumption expenditure price index, the Fed’s preferred inflation gauge. Economists polled by Dow Jones expect core PCE, which strips out volatile food and energy prices, will rise 2.9% on a year-over-year basis, compared to its 2.8% increase in June.
Prices for 10-year Treasury lost ground Monday, raising yields to 4.28% from Friday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices moved higher $1.12 to $64.78 U.S. a barrel.
Gold prices sank $7.40 at $3,411.10 U.S. an ounce.
