Stock market today: Dow jumps while Nvidia slides 6%, drags on Nasdaq - Video

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US stocks diverged Monday as chip heavyweight Nvidia's (NVDA) continued slide dragged on the Nasdaq to start the final week of another rip-roaring quarter on Wall Street.

The benchmark S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell more than 1% amid a more than 6% slide for Nvidia. The Dow Jones Industrial Average (^DJI) jumped 0.7%, or more than 200 points, as investors moved into energy and financials sectors.


Stocks are hoping to add a punchline to what's been a high-flying quarter thus far. The S&P 500 is up more than 4% this quarter, and the Nasdaq has surged around 7% on the back of an AI-driven rally.

That rally, however, has shown signs of fatigue. Nvidia, so far 2024's darling of Wall Street is down more than 12% from its record peak last week.

The macroeconomic front, as well as renewed focus on the US political scene, could grab more of the spotlight this week. On the latter point, US President Joe Biden and presumptive Republican nominee Donald Trump are set for their first debate Thursday evening. Yahoo Finance's Ben Werschkul has a good primer on what to watch from a US economic perspective.

And then: inflation. The Personal Consumption Expenditures (PCE) index will be released on Friday morning. This index contains the "core" PCE measure, which is most closely watched by the Federal Reserve.

Economists expect core PCE rose just 0.1% last month, which would be the slowest monthly rise since last November. Such a print would add to a string of recent positive data that could ease Fed policymakers' concerns about rate cuts this year. Traders expect the Fed to begin cuts in September, according to the CME FedWatch tool.

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Ines Ferré
Dow jumps as investors rotate out of Nvidia, Nasdaq slips
US stocks ended the session mixed on Monday as investors rotated out of chip heavyweight Nvidia (NVDA).

The benchmark S&P 500 (^GSPC) closed down 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell more than 1% amid a more than 6% slide for Nvidia.

The Dow Jones Industrial Average (^DJI) jumped 0.7%, or more than 250 points as investors flocked towards Energy and Financials.

The S&P 500 Energy Select ETF (XLE) gained more than 2.5% while Financials (XLF) gained roughly 1%.

Nvidia, so far 2024's darling of Wall Street, lost ground for a third straight day after touching new highs last week.

On the macro front, investors will watch for Friday's print showcasing the Personal Consumption Expenditures (PCE) index. The gauge contains the "core" PCE measure, which is most closely watched by the Federal Reserve.

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