NEW YORK (AP) 鈥� A slide for market superstar Nvidia helped pull U.S. stock indexes down from their records. The S&P 500 fell 0.6% Monday, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average fell 0.5%, and the Nasdaq composite dropped 0.6% from its own record. Nvidia was the market鈥檚 heaviest weight after China said it鈥檚 probing the chip giant for potential antitrust violations. Stocks in Hong Kong jumped after top Chinese leaders agreed on a 鈥渕oderately loose鈥� monetary policy. Prices for oil and gold rose following the ouster of Syrian leader Bashar Assad.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� A slide for market superstar Nvidia on Monday is helping to pull U.S. stock indexes down from their records.
The S&P 500 fell by 0.3% in afternoon trading, coming off its so far. The Dow Jones Industrial Average was down 57 points, or 0.1%, as of 1:53 p.m. Eastern time, and the Nasdaq composite pulled back 0.3% from its own record.
Nvidia's drop of 2.1% was by far the heaviest weight on the S&P 500 after over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become because its chips are driving much of the world鈥檚 move into artificial-intelligence technology. That gives its stock鈥檚 movements more sway on the S&P 500 than nearly every other.
Nvidia's fall overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world's second-largest economy. Roughly half the stocks in the S&P 500 also rose.
The week鈥檚 highlight for Wall Street will arrive midweek when the latest updates on arrive. Economists expect Wednesday鈥檚 report to show the inflation that U.S. consumers are feeling remained stuck at roughly the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level.
They鈥檙e the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will for the third time this year.
The Fed has been from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation.
Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year.
On Wall Street, Interpublic Group rose 5.8% after rival Omnicom said it would in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 9.3%.
Macy鈥檚 climbed 1.5% after an activist investor, Barington Capital Group, of its own stock over the next three years and make other moves to help boost its stock price.
Super Micro Computer rose 4.6% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements.
Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company鈥檚 board following the .
In the oil market, a barrel of benchmark U.S. crude rallied 2% to $68.56 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, was mostly unchanged at $71.05.
The price of gold also rose 1% amid the uncertainty created by the end of the 50 years of iron rule.
In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a 鈥渕oderately loose鈥� monetary policy for the world鈥檚 second-largest economy. That鈥檚 a shift away from a more cautious, 鈥減rudent鈥� stance for the first time in 10 years. A major later this week could also bring more stimulus for the Chinese economy.
U.S.-listed stocks of several Chinese companies climbed, such as a 13.1% jump for electric-vehicle company Nio and a 9.1% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat.
In Seoul, 麻豆传媒AV Korea鈥檚 Kospi slumped 2.8% as the fallout continues from 's brief declaration of martial law last week in the midst of a budget dispute.
In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday.
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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Stan Choe, The Associated Press
