Wall Street’s main indexes fell on Monday as tech stocks declined, with Nvidia leading the way after a Chinese regulator launched an antitrust probe against the AI powerhouse. The Dow Jones Industrial Average dropped 94.95 points, or 0.22%, to 44,547.57, while the S&P 500 lost 27.02 points, or 0.44%, to 6,063.25. Meanwhile, investors awaited a key inflation report that could influence the Federal Reserve’s monetary policy path.
Nvidia fell 3.1% after China’s market regulator opened an investigation into the company over suspected antimonopoly law violations, affecting the technology sector as a whole. Advanced Micro Devices also fell 4.2% as BofA Global Research downgraded its rating on the stock.
However, some stocks managed to rise despite the overall decline in tech stocks. Hershey jumped 12% after a report said Mondelez was exploring an acquisition of the chocolate maker. The consumer prices index data due this week is also expected to influence the Federal Reserve’s monetary policy path.
The Nasdaq Composite fell 0.48%, while the Dow and S&P 500 indexes posted smaller losses. Investors are awaiting a key inflation report that could shape the central bank’s monetary policy decisions, with bets on a 25-basis-point rate cut rising to over 85%.
Source: https://www.reuters.com/markets/us/futures-steady-investor-focus-turns-inflation-data-2024-12-09