*

Indexes: Dow down 0.03%, S&P 500 up 0.39%, Nasdaq up 0.84%

*

Alphabet hits $3 trillion in market value for first time

*

Nvidia ( NVDA ) falls after China's anti-monopoly investigation

*

Tesla gains as CEO Musk buys shares worth $1 billion

(Updates with afternoon trading)

By Abigail Summerville and Ragini Mathur

Sept 15 (Reuters) - The S&P 500 and the Nasdaq hit

intraday record highs on Monday, as Wall Street awaits the

Federal Reserve's crucial policy meeting later this week, while

Tesla shares climbed following CEO Elon Musk's stock purchase.

The electric vehicle maker jumped 4.3% after regulatory

filings revealed Musk had acquired nearly $1 billion worth of

Tesla's stock on Friday.

The Federal Open Market Committee meeting on September 16

and 17 looms large over sentiment this week with market

participants widely expecting a 25-basis-point reduction

following recent economic data signaling labor market weakness.

"The market is counting on sort of a goldilocks scenario

where the employment market is just weak enough to prompt the

Federal Reserve to start a rate cutting series, not just one,

without disrupting overall growth," said Carol Schleif, Chief

Investment Officer at BMO Family Office. "I think the markets

will be disappointed if the Fed doesn't give some hint that they

intend to continue rate cuts."

Traders on Monday are pricing in a 96.1% chance of a

25-basis-point cut at this week's meeting.

Tesla's gains boosted the S&P 500 consumer discretionary sector

1.3% to its highest level in nearly nine months.

Google-parent Alphabet hit a record high and raced

past $3 trillion in market capitalization, lifting the

communication services sector up 2.1%.

Nvidia ( NVDA ) pared its losses from earlier in the session. It

had slipped after China's market regulator said it will continue

an investigation into the AI chip leader after preliminary

findings showed it had violated the country's anti-monopoly

law.

At 2:15 p.m. ET, the Dow Jones Industrial Average

fell 14.42 points, or 0.03%, to 45,819.99, the S&P 500

gained 25.84 points, or 0.39%, to 6,610.13 and the Nasdaq

Composite gained 185.24 points, or 0.84%, to 22,326.34.

Wall Street's three main indexes had logged weekly gains in

the previous session, with the Nasdaq and the S&P 500 hitting

intraday record highs on Friday as technology-linked stocks

remained resilient.

Declines in Sherwin-Williams ( SHW ) and McDonald's

weighed on the Dow.

CoreWeave ( CRWV ) jumped 7.4% after the data center operator

signed a deal with Nvidia ( NVDA ) that guarantees that the chipmaker

will purchase any residual cloud capacity not sold to customers.

The deal's initial value is $6.3 billion. Kerrisdale Capital

disclosed a short position on CoreWeave ( CRWV ).

Advancing issues outnumbered decliners by a 1.7-to-1 ratio on

the NYSE and by a 1.17-to-1 ratio on the Nasdaq.

The S&P 500 posted 23 new 52-week highs and seven new lows,

while the Nasdaq Composite recorded 108 new highs and 56 new

lows.