Big Drop for Nvidia Weighs Down Markets

A slide for market superstar Nvidia helped pull US stock indexes down from their records on Monday,

• The S&P 500 fell 37.42 points, or 0.6%, to 6,052.85, coming off its 57th all-time high of the year so far.
• The Dow Jones Industrial Average fell 240.59 points, or 0.5%, to 44,401.93.
• The Nasdaq composite fell 123.08 points, or 0.6%, to 19,736.69 from its own record.

Nvidia's fall of 2.5% was by far the heaviest weight on the S&P 500 after China said it's probing the chip giant for potential antitrust violations, the AP reports.

Roughly half the stocks in the S&P 500 rose. Interpublic Group rose 3.6% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10.3%. Macy's climbed 1.8% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price.

In the oil market, a barrel of benchmark US crude rallied 2% to $68.56 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow. Brent crude, the international standard, was mostly unchanged at $71.05. The price of gold also rose 1% amid the uncertainty created by the end of the Assad family's 50 years of iron rule. Stocks in Hong Kong and Chinese stocks trading in the United States rose on hopes that China will deliver more stimulus for the world's second-largest economy.

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The week's highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday's report to show the inflation that US consumers are feeling remained stuck at roughly the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level. They're the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates.

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