U.S. stocks mostly fell on Monday, with technology stocks like Nvidia driving the decline. Nvidia dropped 5% and is down 14% from its all-time high following a 143% rally this year. Investors are now awaiting PCE inflation data to be released on Friday. According to Constellation Research, the stock decline is due to profit-taking as investors shift focus from earnings season. Economists are expecting core PCE to be 2.6% in May. Additionally, initial jobless claims data, pending home sales, and a second review of first-quarter GDP will provide insight into the strength of the U.S. economy. The data will also help predict when the Fed might make its first interest rate cut, with September being the expected timeline. Federal Reserve Chair Mary Daly mentioned the U.S. labor market is showing signs of a potential downturn. In commodities, West Texas Intermediate Crude oil rose to $81.68 a barrel, while Brent Crude reached $86.05 a barrel. Gold rose to $2,345.60 an ounce, and the 10-year Treasury yield remained at 4.25%. Bitcoin saw a 5.49% decline, reaching $59,713.
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US Stocks Decline as Nvidia Sell-Off Drags Tech Sector Beneath the Stock Market Radar Today
