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S&P 500 falls on Nvidia decline; chipmaker’s stock wipes out 2.5%; inflation data to be released Wednesday
Average stock prices across Wall Street fell after China investigated the world’s largest semiconductor company for suspected antitrust violations.
The S&P 500 index slumped to open this week, but it was mainly one big chunk that dragged down stocks. Wall Street average fell 0.6% due to Nvidia stock. NVDA The stock plunged 2.5% following an investigation by China over suspected antitrust violations. China’s antitrust regulators are investigating whether the world’s largest company is stifling competition or whether its products are actually so good that it doesn’t even have competitors. is targeting companies. Against this backdrop, two other stock benchmarks also fell below the flat line. The Dow Jones Industrial Average fell 0.5%, and the tech-heavy Nasdaq Composite Index fell 0.6%. Barring the market upheaval caused by Nvidia, the stock has had a fairly modest and steady rise to new records. New things are coming onto investors’ radars that can help determine the future direction of the U.S. economy. Inflation data released on Wednesday will show whether price pressures continued to heat up in November after rising 2.6% on an annualized basis in October. Analysts say interest rates will remain at 2.7% in November, potentially causing headaches for the Fed. Central bank officials are closely monitoring inflation data and will assess their next move when they meet again on December 17-18. There are two possible outcomes from this meeting: a casual 25 basis point rate cut or maintenance at current levels.