US: Stocks slide as investors await Nvidia earnings

[NEW YORK] Wall Street’s major indexes lost ground on Monday ahead of AI chip giant Nvidia’s earnings report, which is due midweek.

The Dow Jones Industrial Average slid 0.8 per cent to 45,282.47, while the broad-based S&P 500 dipped 0.4 per cent to 6,439.32.

The tech-heavy Nasdaq Composite Index lost 0.2 per cent to 21,449.29.

Investors remain confident in Nvidia and its ability to post strong earnings growth, said Sam Stovall of CFRA Research.

Analysts note that artificial intelligence has been a key market driver this year, with Nvidia being among the major names to watch.

But Stovall also warned that there are many economic data points down the line that could “diminish the enthusiasm that investors currently have,” including the Fed’s preferred inflation gauge due at the end of the week.

Nvidia shares were up 1.0 per cent on Monday.

Separately, Intel shares slipped 1.0 per cent, days after its announcement of a deal where the US government would take a 10-per cent equity stake in the company.

US President Donald Trump’s economic advisor Kevin Hassett told CNBC that he expects to see more of such transactions in the future. AFP