U.S. stocks pulled back on Monday as investors positioned for Nvidia’s highly anticipated quarterly report and assessed the likelihood of a near-term Federal Reserve rate cut. The S&P 500 declined 0.43% to 6,439.32, the Dow Jones Industrial Average sank 349 points, or 0.77%, to 45,282.47, and the Nasdaq Composite eased 0.22% to 21,449.29, erasing part of Friday’s Fed-driven rally that had lifted the Dow to a record close. Nvidia, whose US$2 trillion market value now accounts for roughly 8% of the S&P 500, will release results after Wednesday’s closing bell and is widely viewed as a bellwether for the artificial-intelligence trade. Wells Fargo raised its full-year revenue forecast for the chipmaker to US$48.1 billion, citing stronger data-center demand and U.S. approval of the H20 accelerator, while Morgan Stanley cautioned that a newly imposed requirement to remit 15% of China revenue to Washington could temper the outlook, projecting sales of US$52.5 billion versus the market’s US$55 billion consensus. Rate expectations remained a second key driver. After Chair Jerome Powell signaled flexibility at last week’s Jackson Hole symposium, futures imply an 84% chance the Fed will cut its benchmark rate by 25 basis points in September. Investors will scrutinize durable-goods orders, second-quarter GDP revisions and Friday’s release of the Personal Consumption Expenditures price index for further evidence on inflation and growth. In corporate news outside technology, Keurig Dr Pepper shares fell after the beverage group agreed to purchase Dutch coffee maker JDE Peet’s for about US$18.4 billion, and furniture retailers slid following President Donald Trump’s call for a tariff inquiry on imported goods. Trading volume was light, reflecting caution ahead of Wednesday evening’s earnings report that could set the tone for both the semiconductor sector and the broader market.