US stocks give up early gains to end mixed after Nvidia's revenue warning drags down tech companies

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Congress is considering banning its members — and their family members — from trading stocks.Kolderal via Getty Images
  • US stocks ended mixed Monday as Nvidia's revenue warning dragged down the tech sector.

  • The chipmaker reported preliminary second-quarter sales that missed views, citing weak gaming demand.

  • Elsewhere, meme stocks continued to rally, signaling retail investors are back in risk-on mode.

US stocks gave up early gains to end mixed Monday as lackluster sales from chipmaker Nvidia dragged down the tech sector.

The company reported preliminary second-quarter sales of $6.7 billion, below an expected $8.1 billion, noting lower demand for gaming chips. Nvidia stock fell as much as 8%, and the Philadelphia semiconductor index lost more than 2%.

The sluggish sales data comes as semiconductor shortages still ravage supply chains even as the US tries to bulk up domestic production.

Meanwhile, Wall Street is anxiously awaiting key inflation data from the Bureau of Labor Statistics, which publishes its consumer price index for July on Wednesday.

Here's where US indexes stood shortly after the 4:30 p.m. ET closing bell on Monday:

Retail investors may have caught a second wind as meme stocks like AMC and GameStop are on the rise again. Bed Bath & Beyond, another pandemic-era darling, soared as much as 44% Monday.

The US is exporting large swathes of waste-wood pellets to Europe, as the continent struggles to fill a void left by Russia's invasion of Ukraine which has choked supplies. Exports of pellets have eclipsed 2021 levels so far this year.

Oil prices could reverse a recent slump as demand ticks up and supply tightens once again, according to Energy Aspects director Amrita Sen. Oil could pass $120 a barrel, Sen told Bloomberg, despite falling below $90 over the past week.

West Texas Intermediate crude jumped 2% to $90.85 a barrel, while international benchmark Brent crude climbed 1.49% to $96.33.

Gold was 0.79% higher at $1,788.15 an ounce. The 10-year Treasury yield fell 7.4 basis points to 2.766%.

Bitcoin rallied 3% to $23,853.87.

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