Stock market today: Rally stalls as Nvidia slips and investors await latest inflation data

The US stock rally stumbled Monday, with the S&P 500 and Nasdaq 100 retreating from record highs as investors await key inflation data this week and as chipmaker Nvidia shares dropped amid news of an antitrust probe in China.

The November consumer price index will be released Wednesday morning and is expected to show a slight uptick from October.

Economists expect the year-over-year CPI to come in at 2.7% compared to 2.6% in October.

The data, combined with the producer price index set to be released on Thursday, will inform the Federal Reserve about whether to cut interest rates at their policy meeting next week.

Economists at Bank of America expect month-over-month Core CPI to be 0.2%, and said anything above that level could be consequential for interest rates.

"We are looking for a 0.2% m/m print. If that proves correct, we think it will greenlight a Fed cut in December. That said, recent Fed speak suggests it will be a live meeting and cuts beyond December aren't a guarantee," Bank of America said.

Markets are currently pricing in an 86% chance of a 25 basis point interest rate cut from the Fed next week, according to the CME FedWatch tool.

Nvidia's decline weighed on markets after the open. The chipmaker's stock fell as much as 3% after regulators in China said they were probing the company over antitrust violations related to its acquisition of chip design firm Mellanox. The stock was trading at $139.57 shortly after the opening bell.

Investors are also weighing a new spark of geopolitical risks in the Middle East following the toppling of the Assad dictatorship in Syria over the weekend.

The Syrian dictator Bashar Assad and his family fled the country to take refuge in Russia as rebel forces took control over the weekend. Energy prices across the board moved higher.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

Here's what else is going on: