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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