Dow, S&P 500 and Nasdaq struggle for gains as Nvidia slides

U.S. stocks struggled to find their footing on Monday as this week’s consumer inflation report took the spotlight, while shares of Nvidia (NVDA) fell amid a Chinese antitrust investigation.

The Dow Jones Industrial Average (^DJI) rose slightly, capping a losing week for the blue-chip index. The S&P 500 (^GSPC) slipped below zero, while the tech-heavy Nasdaq Composite (^IXIC) slipped 0.2% on new records for both.

The next test for Wall Street stocks will be a consumer inflation report that will lay the foundation for the Federal Reserve’s final interest rate decision this year. November’s consumer price index on Wednesday will stress test widespread expectations of a quarter-point interest rate cut on December 18 after the latest monthly jobs report failed to shake that belief.

Meanwhile, Nvidia shares fell after Chinese authorities launched an investigation into the chipmaker for possible violations of anti-monopoly laws. The company’s lead in AI chips has put it at the center of the U.S.-China dispute over technology.

But U.S.-listed Chinese stocks surged after Beijing took a step toward easing monetary policy for the first time in over a decade, suggesting more and bolder stimulus measures are on the way. Shares of Alibaba (BABA, 9988.HK) and XPeng (XPEV, 9868.HK) rose, tracking Hong Kong stocks.

Markets appear to be taking the abrupt fall of President Bashar al-Assad in Syria in stride, with safe-haven gold (GC=F) rising slightly. Optimism about China’s economy is expected to overshadow concerns about geopolitical tensions in Syria, South Korea, France and elsewhere.