NEW YORK (AP) โ U.S. stock indexes swing in mixed trading Monday, while NVIDIA pulls back a bit more after briefly rising to Wall Street's peak.
The S&P 500 was virtually unchanged in early trading, still close to its record set last week. The Dow Jones Industrial Average was up 68 points, or 0.2%, as of 9:35 a.m. ET, and the Nasdaq composite was down 0.2%.
Nvidia was dragging the market and falling 2.4% towards a third consecutive loss. The chip company has been a great reason The S&P 500 has been setting records as it has soared 1,000% higher since the fall of 2022 in almost insatiable demand for its chips to power artificial intelligence applications.
But the rise of AI has been so frenetic that it has raised concerns about a possible bubble and overly high expectations among investors. Nvidia shares have been retreating since they briefly overtook Microsoft to become Wall Street's most valuable stock last week. He is coming off his first losing week in the last nine.
Because Nvidia has become so huge, the moves its stock makes carry extra weight in the S&P 500 and other indices. It was by far the heaviest weight on the S&P 500 on Monday.
Elsewhere on Wall Street, trading was largely calm.
RXO jumped 13.7% after agreed to buy Coyote Logistics UPS freight brokerage business worth nearly $1.03 billion. RKO said the deal will make it the third largest intermediated transportation provider in North America.
UPS, which bought Coyote in 2015 for $1.8 billion, added 0.6%.
Under Armor fell 2.7% in its first trading after saying it agreed to pay $434 million to resolve charges brought by shareholders related to its sales and accounting practices. The sports footwear and apparel company denied any wrongdoing in the deal, but also agreed to separate the roles of president and CEO for at least three years.
GoDaddy fell 0.5% in its first trade since being promoted to the widely followed S&P 500 index of large U.S. stocks from the smaller S&P 400 index. KKR rose 0.4% and CrowdStrike Holdings fell 0.5% % by also joining GoDaddy in the S&P 500.
Such moves can lead to a lot of buying because many funds will change their investments to mimic the S&P 500 index, or at least compare their performance to it.
In the bond market, Treasury yields remained relatively stable. The 10-year Treasury yield fell to 4.25% from 4.26% late Friday.
It has been mostly falling since hitting 4.70% in late April, which has eased pressure on the stock market. Yields have been falling on hopes that inflation is slowing enough to convince the Federal Reserve to cut its main interest rate later this year.
The Federal Reserve has been keeping the federal funds rate at the highest level in more than 20 years, hoping to slow the economy enough to control inflation.
In foreign stock markets, indices rose modestly in Europe after falling mainly in Asia.
AP writers Matt Ott and Zimo Zhong contributed.
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