US: Stocks retreat from records as Nvidia falls

WALL Street stocks slid on Monday, retreating from records as markets paused from a post-election rally ahead of key inflation data later in the week.

The surge following the US presidential campaign has “kind of run out of gas for a bit,” said Art Hogan from B. Riley Wealth Management.

Also driving Monday’s retreat were reports that artificial intelligence giant Nvidia faces an anti-monopoly probe in China. Shares of Nvidia dropped 2.6 per cent.

Such reports have repercussions that “go through the whole tech space,” said Victoria Fernandez of Crossmark Global Investments.

The Dow Jones Industrial Average finished down 0.5 per cent at 44,401.93.

The broad-based S&P 500 shed 0.6 per cent to 6,052.85, while the tech-rich Nasdaq Composite Index also fell 0.6 per cent to 19,736.69.

Both the S&P 500 and Nasdaq finished at records on Friday.

Among individual companies, Interpublic Group climbed 3.5 per cent after reaching an all-stock agreement to be acquired by fellow advertising firm Omnicom.

The companies said combining staffs and technology platforms would better position them to compete as marketers. Omnicom sank 10.3 per cent.

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Hershey surged 10.9 per cent following reports it had been approached by Mondelez over a potential takeover. Mondelez lost 2.3 per cent.

Dow Chemical rose 1.8 per cent after announcing that a fund managed by Macquarie Asset Management would acquire a 40 per cent stake in some US Gulf Coast assets.

Comcast dove 9.5 per cent after an executive told a financial conference that the broadband market was “competitively intense” in the fourth quarter, with US hurricanes adding to the difficulties.

This week’s calendar includes US consumer price index data for November and an ECB meeting expected to result in an interest rate cut. AFP