Wall Street Pulls Back as Investors Await Nvidia Earnings
Stocks in the US closed lower on Monday as investors took a breather from last week’s powerful rally and turned their focus to Nvidia’s highly anticipated earnings report due Wednesday.
The S&P 500 slipped 0.3% and the Dow Jones fell 349 points after last week’s record-setting surge, and the Nasdaq 100 finished 0.4% lower. Consumer staples, health and utilities sectors dragged the most.
Nvidia, which accounts for 8% of the S&P 500 rose 1%, while Intel shares lost 1% after news that the US government had taken a 10% stake in the company, part of a broader Trump administration push for a sovereign wealth fund.
Investors also kept an eye on upcoming economic data, including Friday’s PCE inflation report, the Fed’s preferred gauge, which is expected to show core inflation rising to 2.9%. Meanwhile, rate-cut expectations remain elevated, with traders pricing in about an 86% chance of a September move following Powell’s dovish Jackson Hole remarks.
Source: Trading Economics
