Wall Street today: US stocks mixed, Nvidia drops 2.3%, Tesla sheds 3%

US stocks were mixed on Monday with Nasdaq down almost 1 per cent as investors focused on results from AI-darling Nvidia and Personal Consumption Expenditures (PCE) inflation report due later in the week.

At 11:47 a.m. ET, the Dow Jones Industrial Average was up 10.14 points, or 0.02 per cent, at 41,185.22, the S&P 500 was down 22.99 points, or 0.41 per cent, at 5,611.62, and the Nasdaq Composite was down 168.87 points, or 0.94 per cent, at 17,708.93. 

At 9:58 a.m. ET, the Dow Jones Industrial Average was up 171.49 points, or 0.42 per cent, at 41,346.57, the S&P 500 was up 6.01 points, or 0.11 per cent, at 5,640.62, and the Nasdaq Composite was down 36.60 points, or 0.20 per cent, at 17,841.20.

At the opening bell, the Dow Jones Industrial Average rose 25.76 points, or 0.06 per cent, to 41,200.84. The S&P 500 was higher by 5.05 points, or 0.09 per cent, at 5,639.66, while the Nasdaq Composite dropped 9.95 points, or 0.06 per cent, to 17,867.85.

In the previous session, the main indices had rallied more than 1 per cent after US Federal Reserve Chair Jerome Powell's comments on Friday. He had said that “the time has come” to lower interest rates.

Shares of chipmaker Nvidia, whose results are slated to be released on Wednesday, dropped 2.3 per cent.

Shares of Tesla shed 3 per cent, Meta fell 1.4 per cent and Apple lost 0.8 per cent.

Boeing stock fell 0.40 per cent after NASA picked SpaceX over the planemaker’s Starliner to return its astronauts from space next year.

The yield on the 10-year Treasury remained at 3.80 per cent from late on Friday.

Bullion

Gold prices gained on Monday on US rate cut optimism and geopolitical risks.

Spot gold rose 0.5 per cent to $2,523.09 per ounce at 0945 a.m. ET (1345 GMT). US gold futures also gained 0.5 per cent to $2,558.60.

Spot silver rose 0.5 per cent to $29.95.

Crude oil

Oil prices jumped on Monday after an escalation of hostilities between Israel and the Iranian-backed Lebanese militant group Hezbollah raised fears of a wider conflict in the Middle East.

Brent, the global benchmark, rose over 3 per cent to trade at more than $81 per barrel.