Wall Street today: US stocks end lower as investors eye inflation data, Nvidia slumps 2.5% on China probe
- Wall Street today: Nvidia stock price dropped 2.5% after China’s market regulator launched an investigation into the chipmaker over suspected violation of antimonopoly law.
US stock market indices ended lower on Monday weighed down by tech stocks amid fall in AI leader Nvidia stock price and ahead of the release of crucial inflation data later this week.
The Dow Jones Industrial Average declined 240.59 points, or 0.54%, to 44,401.93, while the S&P 500 fell 37.42 points, or 0.61%, to 6,052.85. The Nasdaq Composite ended 123.08 points, or 0.62%, lower at 19,736.69.
Nvidia share price dropped 2.5% after China’s market regulator launched an investigation into the chipmaker over suspected violation of antimonopoly law. Fall in Nvidia stock dragged the information technology sector down 0.45%.
Advanced Micro Devices shares plunged 5.7% after BofA Global Research downgraded its rating on the stock, Comcast share price tanked 9.5%, while Hershey stock price surged 10.9% and Mondelez shares fell 2.3%.
A report on Consumer Price Index (CPI) for November will be released on Wednesday and Producer Price Index (PPI) data for November will be unveiled on Thursday.
Bets of a 25-basis-point rate cut at the upcoming meeting shot up to more than 85% after data on Friday showed a rise in the unemployment rate to 4.2% in November, indicating an easing labor market, Reuters reported.
Several Fed officials, including Chair Jerome Powell, emphasized caution regarding the central bank’s approach to easing monetary policy due to the economy's resilience.
Meanwhile, Interpublic Group shares gained 3.6% after a report that marketing giant Omnicom was in advanced talks to acquire the advertising company. Omnicom shares cracked 10.3%.
Declining issues outnumbered advancers by a 1.24-to-1 ratio on the NYSE, Reuters reported. There were 216 new highs and 35 new lows on the NYSE.
The S&P 500 posted 21 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 122 new highs and 60 new lows. Volume on US exchanges was 15.11 billion shares, compared with the 14.46 billion average for the full session over the last 20 trading days.
In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday,
Crude oil
Oil prices jumped on Monday on fresh moves by China to boost its economy and as traders tracked an uncertain future for Syria.
Brent crude oil prices edged up 1.4% at $72.14 per barrel, while US West Texas Intermediate crude oil rose 1.7% to $68.37 per barrel.
Bullion
Gold prices hit two-week high on Monday, climbing more than 1 per cent on renewed buying of the metal by China's central bank.
Spot gold gained 1.1% to $2,662.98 per ounce, and US gold futures settled 1% higher at $2,685.50.
(With inputs from Reuters)
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