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Stock market today: Stocks little changed following record-setting week

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Stocks are stacking up gains again after Nvidia results sparked a global rally that has the chipmaker eyeing a $2 trillion valuation.

US stocks took a breather on Monday after closing out a dizzying week at record highs as investors braced for a looming inflation update that could put that rally to the test. The Dow Jones Industrial Average and S&P 500 wavered around the flatline on the heels of notching new closing highs. The Nasdaq Composite was little changed following a stellar week for tech stocks.

Given the PCE index is the Federal Reserve's preferred inflation gauge, the reading will factor into the ongoing debate on the timing of a rate cut, already pushed back. Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards The inflation report is the highlight of this week's data, with temperature checks on the consumer and manufacturing also on deck.

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