The S&P 500 closed lower Monday, although a climb in Nvidia helped keep losses in check somewhat ahead of its quarterly earnings due later this week.<\/p>\n\n\n\n
At 4:00 p.m. ET (20:00 GMT), the Dow Jones Industrial Average dropped 349 points, or 0.8%, the S&P 500 index was down 0.4%, and the NASDAQ Composite closed 0.2% lower.<\/p>\n\n\n\n
NVIDIA Corporation (NASDAQ:NVDA) lead the broader tech market higher ahead of Nvidia\u2019s quarterly results due Wednesday after the market close.<\/p>\n\n\n\n
Ahead of Nvidia\u2019s results, Wall Street is optimistic that the chipmaker will beat expectations and offer upbeat guidance amid solid demand trends and a rebound in China-related revenues after President Trump relaxed a ban on H20 chip sales to Beijing.<\/p>\n\n\n\n
“Net, we are lifting our modeled numbers (FQ2 and out quarters) to mirror solid demand trends as well as an expectation of at least some rebound in China related revenues,” Wedbush said in a recent note ahead of the Nvidia\u2019s results.<\/p>\n\n\n\n
Intel, meanwhile, gave up gains after warning that its non-U.S. business, which accounts for the bulk of revenue, could be “adversely impacted” by government\u2019s move to a take a 9.9% stake in the chipmaker.<\/p>\n\n\n\n
“Having the US Government as a significant stockholder of the Company could subject the Company to additional regulations, obligations or restrictions, such as foreign subsidy laws or otherwise, in other countries,” Intel said in a regulatory filing Monday.<\/p>\n\n\n\n
Apple Inc (NASDAQ:AAPL), meanwhile, was up slightly after Bloomberg reported that tech giant is launching a three-year plan to overhaul the hardware and software design of the iPhone.<\/p>\n\n\n\n
Keurig Dr Pepper Inc (NASDAQ:KDP) announced Monday it agreed to buy dutch coffee maker JDE Peet\u2019s for $18 billion. Following the merger, the companies plan to split in two – with one focus on coffee and the other on cold beverages.<\/p>\n\n\n\n
Private equity firm Thoma Bravo said it would acquire Verint Systems Inc (NASDAQ:VRNT) in a $2 billion deal. The PE firm is continuing to deepen its software portfolio following a string of acquisitions including its $10.6B deal to buy Boeing\u2019s navigation unit Jeppesen.<\/p>\n\n\n\n
Treasury yields added to gains from last week as investors continued to price in a September rate cut after Federal Reserve chairman Jerome Powell signaled in its Jackson Hole address on Friday that a rate cut could be coming amid concerns about the labor market.<\/p>\n\n\n\n
Powell noted that “there is less risk of a lasting inflation dynamic from tariffs since the labor market is not particularly tight and faces downside risk,” Morgan Stanley said in a Monday note. “This has lowered the bar for a rate cut in September,” it added.<\/p>\n\n\n\n
Further clues on a rate-cut are likely to emerge this week amid a slew of Fed speakers as well as fresh inflation data due Friday.<\/p>\n\n\n\n
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