S&P 500 gives up earlier gain and is flat as Nvidia warning hits tech stocks

Stocks were little changed on Monday, following the S&P 500′s third straight weekly gain, as investors shifted focus to a key inflation report this week and struggles for the semiconductor industry.

A new reading for the consumer price index, slated for release Wednesday, will give investors more clarification about the central bank's next move at its policy meeting in September. Traders are now pricing in a higher likelihood of anext month, which would be the third straight increase of that magnitude.

Food price expectations fell at the fastest monthly pace in the survey's 9-year history, while gas was down at the second-fastest pace. Housing price appreciation was put at 3.5%, the slowest since November 2020.

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