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S&P 500, Dow and Nasdaq slip as oil rises and Nvidia falls
Brent crude futures were around $87 per barrel as traders awaited Wednesday CPI and Iran-related developments.
U.S. stocks weakened on Monday as oil prices climbed and investors looked ahead to a week of earnings and major inflation data. The S&P 500 edged down 0.1%, the Dow Jones Industrial Average fell 0.2%, and the Nasdaq Composite declined 0.4% after a prior winning week, according to Yahoo Finance.
Nvidia shares dropped about 3% in afternoon trading, dragging on broader indexes. Yahoo Finance cited a Financial Times report that Nvidia is working with Apollo Global and Blackstone to create a $500 billion AI infrastructure funding package.
Market focus also centered on geopolitical risk tied to Iran, including comments that a deal to open the Strait of Hormuz is close. Oil rose on the speculation around a potential reopening, with Brent crude futures around $87 per barrel, Yahoo Finance reported.
Investors are positioning for Wednesday's Consumer Price Index release, which could shift the outlook for inflation. Yahoo Finance also noted that Federal Reserve officials have been divided on whether to raise rates while monitoring the effect of Middle East-related oil shocks, and that the upcoming earnings calendar includes multiple AI infrastructure names.
Latest closeWTI crude $78.07 ▲3.8%|Brent $83.46 |S&P 500 7,709.96 ▼0.2%