01:30 PM EDT, 06/24/2024 (MT Newswires) -- US equity indexes traded mixed by Monday afternoon as the Nasdaq Composite fell after shares of Nvidia ( NVDA ) fell into correction territory.

The Nasdaq slid 0.7% to 17,573.3, the S&P 500 was fractionally up at 5,466.3, and the Dow Jones Industrial Average climbed 0.7% to 39,418.7. Apart from technology and consumer discretionary, all the other sectors rose intraday, led by energy, financials and utilities.

Shares of Nvidia ( NVDA ) slumped 5.4% intraday, the worst performer among the mega-caps in the technology sector and the steepest decliner on the Nasdaq. Shares have sunk more than 10% following the close on June 18, heading for the third straight day of declines and narrowing its month-to-date gain to about 27%. Ooredoo, a Qatari telecoms group, said Nvidia's ( NVDA ) full-stack artificial intelligence platform will power the AI platform it is developing for the Middle East and North Africa region. The financial details of the deal remained undisclosed.

As Nvidia ( NVDA ) begins to unwind its blistering rally, investors will look out for quarterly earnings from Micron Technology ( MU ) due Wednesday. Micron could lift the technology sector's fortunes as the chipmaker's results will shed further light on demand led by artificial intelligence.

Meanwhile, in economic news, the Dallas Fed's monthly manufacturing index rose to minus 15.1 in June from minus 19.4 in May, compared with expectations for minus 15 in a survey compiled by Bloomberg. The reading indicates a slower pace of contraction, in line with the Empire State reading released earlier. It, however, contrasts with the Philadelphia Fed and the S&P Global Flash Indexes that indicated expansion.

Apart from data from other regional manufacturing indexes, the final estimate for Q2 gross domestic product, and consumer confidence data from the Confidence Board, investors will watch out for the Fed's preferred inflation numbers due Friday.

If the core personal consumption expenditures, or PCE, turns out to be weak for May and followed by another weak number in June, then it could "very well keep alive greater pricing" for a potential interest-rate cut on July 31 at the Federal Open Market Committee's rate-setting meeting or leave the FOMC more confident in terms of a loosening bias in their Sept. 18 meeting, according to a note from Scotiabank.

The US 10-year yield rose less than one basis point to 4.26%, and the two-year rate climbed one basis point to 4.74%.

In company news, Goldman Sachs resumed International Business Machines ( IBM ) with a buy rating and a $200 price target. Shares of IBM ( IBM ) rose 2.1% intraday, among the top gainers on the Dow.

West Texas Intermediate crude oil jumped 1.1% to $81.65 a barrel.

Gold advanced 0.6% to $2,344.10 an ounce, while silver fell 0.3% to $29.86.