01:03 PM EST, 12/09/2024 (MT Newswires) -- US equity indexes fell amid declines in the communication services sector, and investors also consolidated ahead of inflation data this week to gauge the state of price pressures on consumers and businesses.

The S&P 500 fell 0.4% to 6,066.8, with the Nasdaq Composite down 0.5% to 19,762.5 and the Dow Jones Industrial Average 0.2% lower at 44,573.8 after midday Monday. The S&P 500 and the Nasdaq have been up consecutively for the past three weeks, making fresh record highs.

Energy and materials led the gainers intraday. The utilities sector was among the steepest decliners.

This week's economic releases include a couple of inflation-related reports for November -- the consumer price and producer price indexes. The CPI due Wednesday comes ahead of the Federal Reserve's Dec. 17-18 policy meeting and "could influence the bank's monetary policy path," a research note from D.A. Davidson said. The PPI is due Thursday.

As of Monday morning, the probability of a 25 basis-point cut in interest rates in December stood at 86% in the US, compared with 62% a week ago, according to the FedWatch Tool. But, through December next year, the highest probability is the Fed will reduce its target rate to 3.75% to 4%, implying limited cuts from the current level.

Most US Treasury yields rose intraday, with the US 10-year up 3.8 basis points to 4.19% and the two-year climbed 2.6 basis points to 4.12%.

Gold jumped 1.2% to $2,690.11 an ounce, and silver advanced 3.7% to $32.75 an ounce.

In company news, China's State Administration for Market Regulation is investigating Nvidia ( NVDA ) on suspicion of anti-monopoly law breaches, Bloomberg reported Monday, citing a report from China Central Television. Nvidia ( NVDA ) shares dropped 2.3% intraday, among the worst performers on the Dow.

Advanced Micro Devices ( AMD ) potential to gain market share remains limited by higher competitive risks in artificial intelligence against Nvidia's ( NVDA ) "dominance" and increasing cloud preference for custom chips from Marvell Technology ( MRVL ) and Broadcom ( AVGO ) , BofA Securities said Monday. Shares of Advanced Micro slid 4.6% intraday, among the worst performers on the Nasdaq.

Mondelez International ( MDLZ ) is exploring an acquisition of Hershey (HSY) that would create a company with combined sales of nearly $50 billion, Bloomberg reported Monday, citing unnamed people familiar with the matter. Shares of the chocolate manufacturer soared 14% intraday, the top performer on the S&P 500.

Arthur J. Gallagher ( AJG ) agreed to acquire insurance brokerage AssuredPartners in an all-cash deal worth about $13.45 billion.

West Texas Intermediate crude oil futures jumped 2% to $68.56 a barrel.

China's ruling Politburo on Monday promised to loosen monetary policy for the first time in 14 years, the New York Times reported, as the country moves to stimulate its economy amid disinflation and President-Elect Donald Trump's promise to impose significant tariffs on China. Citing a Politburo statement, the report said China plans to adopt a "moderately loose" policy, a shift from the "prudent" stance it has maintained since December 2010 as growth in demand in the world's biggest oil importer has lagged.