US stocks slipped on Monday with the spotlight on this week’s consumer inflation report as Nvidia (NVDA) shares slipped amid a Chinese antitrust probe.
The Dow Jones Industrial Average (^DJI) slipped 0.1%, coming off a losing week for the blue-chip index. The S&P 500 (^GSPC) fell 0.4% while the tech-heavy Nasdaq Composite (^IXIC) dipped 0.4% 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 after Chinese authorities 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 more and bolder stimulus is on the way. Shares in Alibaba (BABA, 9988.HK) and XPeng (XPEV, 9868.HK) jumped, following the lead of stocks in Hong Kong.
Markets appear to be taking the abrupt fall of President Bashar al-Assad in Syria in stride, with haven asset gold (GC=F) rising modestly. Optimism for China’s economy is seen as eclipsing any worries around geopolitical stresses in Syria, South Korea, France, and elsewhere.
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