The S&P 500 And Nasdaq Composite Stocks fell from record highs on Monday as tech stocks struggled and investors awaited key inflation data to be released this week.

The broad market index fell 0.61% to close at 6,052.85, and the tech-heavy Nasdaq slipped 0.62% to close at 19,736.69. The Dow Jones Industrial Average lost 240.59 points or 0.54% to settle at 44,401.93.

Nvidia Shares fell about 2.6% after a Chinese regulator said it was investigating the artificial intelligence darling for possible violations of the country’s antimonopoly law. The stock has been an indicator of artificial intelligence trading, rising more than 180% in 2024.

Advanced micro devicesanother chip maker, closed 5.6% lower after Bank of America downgraded the stock to “neutral” from “buy,” citing the bank’s limited market share gain potential as a result of “higher competitive risks in the AI ​​space versus the dominance of leader NVDA.” “ stated. Tech giants Metaplatforms And Netflix also had problems.

The price of Bitcoin The index also fell, a sign that investors are turning away from risk appetite. On Wednesday evening last week, the cryptocurrency surpassed the $100,000 mark for the first time.

The moves come after the S&P 500 and Nasdaq closed at new records on Friday, gaining about 1% and 3.3%, respectively, for the week. The Dow was the only laggard, closing the week down 0.6%.

“In general, the market is still trending higher due to favorable seasons, etc.,” Sam Stovall, chief investment strategist at CFRA Research, told CNBC. He added that news like China’s investigation into Nvidia “will create some hurdles along the way, but I don’t think (that) will upend progress through the end of the year.”

“It will continue to climb the wall of concern this year and ultimately exceed the progress we saw last year,” the strategist continued.

November’s consumer price index, to be released on Wednesday, is expected to show a slight increase in price pressures. Economists surveyed by Dow Jones expect increases of 0.3% and 2.7% on a monthly and annual basis, respectively. That would be an increase from the previous month’s respective increases of 0.2% and 2.6%.