Stock market today: Wall Street drifts in early trading as Nvidia slips more more

NEW YORK — U.S. stock indexes are drifting in mixed trading as Nvidia regresses a bit more. The S&P 500 was flat in the early going Monday, still near its record set last week. The Dow Jones Industrial Average was up 89 points, and the Nasdaq composite was down 0.1%. Nvidia has been pulling back since the AI chip company briefly overtook Microsoft to become Wall Street’s most valuable company last week. It’s coming off its first losing week in the last nine. RXO jumped 13.

Under Armour shares fell 1.6% before the bell after the shoe and athletic wear company agreed to settle charges that CEO Kevin Plank hid faltering performance from investors. Under Armour, which denied wrongdoing, will pay $434 million to settle the class actions suit brought by investors. While most analysts still expect a rate cut this year, that's far fewer than the handful of cuts they had been projecting.

Overall output growth hit a 26-month high, according to S&P Global’s preliminary reading of activity among U.S. manufacturing and services businesses. Perhaps more importantly for Wall Street, that strength may be happening without a concurrent rise in pressure on inflation.

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