Dow, S&P 500, Nasdaq slip as Nvidia drops

Yahoo Finance’s Pras Subramanian reports:

Chinese device and EV maker Xiaomi (XIACF) this morning revealed its latest offering in the ultracompetitive Chinese auto market, doubling down on the success it’s already achieved with its SU7 EV sedan.

As first revealed on Xiaomi’s Weibo account, and subsequently on head of marketing Leo He’s X account, the YU7 is a crossover SUV EV that closely resembles the SU7 sedan, which itself looks like a cross between a McLaren supercar and Porsche Taycan EV.

Read more here.

Yahoo Finance’s Claire Boston reports:

An index measuring consumer confidence in the housing market rose again in November — the latest sign that potential buyers and sellers are growing more accustomed to higher mortgage rates and home prices.

The Fannie Mae Home Purchase Sentiment Index increased 0.4 points last month to 75 points. The index has risen 10.7 points, or more than 16%, in the last year. Forty-five percent of survey respondents say they expect mortgage rates to fall in the next 12 months, while 25% expect them to rise.

The index uses questions from the National Housing Survey, a poll of more than 1,000 household financial decision-makers conducted between Nov. 1 and Nov. 19.

Read more here.

Yahoo Finance’s Josh Schafer reports:

S&P 500 (^GSPC) projections for next year have a new high-water mark.

Oppenheimer chief investment strategist John Stoltzfus initiated a year-end 2025 S&P 500 target of 7,100 in a note to clients on Sunday night, marking the highest projection among strategists tracked by Yahoo Finance. The target represents roughly a 17% upside for the benchmark index from Friday’s closing level.

Stoltzfus wrote his bullish outlook is “based on a number of factors including current stateside monetary policy, the resilience in economic growth, business activity, the consumer, and job creation evidenced in recent years and the current year.”

Read more here.

Yahoo Finance’s Alexandra Canal reports:

Comcast (CMCSA) shares fell as much as 7.5% Monday after Dave Watson, president and CEO of Comcast Cable, said the company expects broadband subscribers to decline by over 100,000 in the current quarter.

Wall Street had expected broadband subscribers to fall by about 63,300, according to the latest consensus estimates compiled by Bloomberg.

The midday stock move represented the largest intraday decline since April 25.

Read more here.

US-listed Chinese stocks popped on Monday, defying broader market trends, after Beijing promised bold measures to loosen its monetary policy ahead of the risk of tariffs and trade tensions stemming from an incoming Trump administration,

Shares in Alibaba (BABA, 9988.HK) and XPeng (XPEV, 9868.HK) jumped, following the lead of stocks in Hong Kong.

China’s top leaders vowed for proactive fiscal policy to shore up the Chinese economy.

The Nasdaq Golden Dragon China Index (^HXC) jumped more than 9%.

The major averages retreated on Monday amid declines for chip-related stocks.

The Dow Jones Industrial Average (^DJI) dropped 0.2%, while the S&P 500 (^GSPC) fell 0.4%. The tech-heavy Nasdaq Composite (^IXIC) also shed 0.4%.

Nvidia (NVDA) shares slid more than 3% after China launched an antitrust probe into the AI chip giant.

Chipmaking peer AMD’s (AMD) stock also fell after BofA analysts downgraded it to Neutral from Buy, citing higher competitive risks in AI versus Nvidia’s custom chips.

Tesla’s (TSLA) stock price rose more than 2% on Monday to touch a 52-week high of $404.80 per share.

The electric vehicle giant’s stock has been a major winner in the Trump trade since Donald Trump’s presidential victory last month.

CEO Elon Musk’s close relationship with Trump and his involvement with the incoming administration has helped the stock rally more than 50% since Nov. 5.

US stocks opened mixed on Monday as shares of AI chip heavyweight Nvidia (NVDA) slid amid a Chinese antitrust probe.

The Dow Jones Industrial Average (^DJI) was slightly higher, while the S&P 500 (^GSPC) wavered around the flat line. The tech-heavy Nasdaq Composite (^IXIC) slipped 0.2%.

Nvidia shares declined more than 2% after reports that Chinese authorities have launched an antitrust probe into the AI chipmaker amid an escalating US-China tech face-off.

Investors were also awaiting this week’s consumer inflation report, seen as a critical data point for the Federal Reserve when policymakers make their rate-setting decision at a Dec. 18 meeting.