Stock market today: S&P 500, Nasdaq slump as Nvidia struggles ahead of earnings

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Nasdaq Composite,Interest Rate Cuts,Jerome Powell

Stocks are eyeing a bid for fresh record highs after Jerome Powell made it crystal clear the Fed is ready to pivot to lowering rates in September.

US stocks were mixed in choppy trading on Monday with tech leading the declines as investors weighed the imminent arrival of interest rate cuts and braced for a busy week dominated by Nvidia's earnings report. The Dow Jones Industrial Average briefly touched new intraday records before giving up its gains to hover near the flatline. The S&P 500 slipped 0.4%, while the tech-heavy Nasdaq Composite sank 1% as shares of chip heavyweight Nvidia dropped.

But with only three Fed meetings left in the year — in September, November and December — and the August jobs report still to come, Wall Street is wondering when and whether a 0.5% cut is likely. Now the focus is firmly on Nvidia earnings — the marquee event of the week — which will likely determine whether the market mood stays upbeat.

 

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