S&P 500, Nasdaq pull back from records as Nvidia tumbles

#YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
To get the latest market news, check out finance.yahoo.com
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.
For more on this article, please visit:
finance.yahoo....