NEW YORK — A slide for market superstar Nvidia helped pull U.S. stock indexes down from their records. The S&P 500 fell 0.6% Monday, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average fell 0.5%, and the Nasdaq composite dropped 0.6% from its own record. Nvidia was the market’s heaviest weight after China said it’s probing the chip giant for potential antitrust violations.
Nvidia's fall overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world's second-largest economy. Roughly half the stocks in the S&P 500 also rose. The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation.
Macy’s climbed 1.5% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price. In the oil market, a barrel of benchmark U.S. crude rallied 2% to $68.56 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, was mostly unchanged at $71.05.
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