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Stocks pulled back from record highs on Monday with the tech-heavy Nasdaq Composite (^IXIC) leading the declines as shares of AI chip heavyweight Nvidia (NVDA) slid amid a Chinese antitrust probe.

The S&P 500 (^GSPC) also slipped from its recent record to close down 0.6% while the Dow Jones Industrial Average (^DJI) fell 0.5%.

Nvidia (NVDA) stock tumbled more than 2%, impacting all three major averages after Chinese regulators opened an inquiry against the chipmaker over possible violation of anti-monopoly rules.

Interest rate-sensitive sectors declined on Monday, with Communication Services (XLC), Financials (XLF), and Utilities (XLU) all under pressure.

Oppenheimer chief investment strategist John Stoltzfus initiated a year-end 2025 S&P 500 target of 7,100 in a note to clients on Sunday night, marking the highest projection among strategists tracked by Yahoo Finance.

Within that call, Stoltzfus highlighted that recent price action has him confident the bull market will continue in 2025. He shared a chart that shows Consumer Discretionary (XLY) leading returns since the market bottom on Aug. 5, followed by Financials (XLF), Information Technology (XLK), and Communications Services (XLC).

Notably, Stoltzfus included another version of this chart with returns since the election. The leaders are same, just with smaller numbers. At large, a move into these sectors, and with many defensive sectors underperforming, shows a market that's moved on from pricing in risks to US economic growth to projecting the economy will keep chugging along in 2025.

"The broadening of the market from the market lows on Oct. 27, 2023 along with ongoing rebalancing and rotation among sectors, market capitalizations (large, mid and small stocks), style (growth and value) and cyclicals and defensives suggest to us that the current bull market likely has legs strong enough to climb the proverbial “wall of worry” into and through 2025," Stoltzfus wrote.

In some ways, the chart helps build the case that the market-broadening story has been underway. But a close look at these sectors, especially when considering Tesla's more than 90% rally in the Consumer Discretionary sector since Aug. 5, the chart also shows us that the "Magnificent Seven" tech stocks haven't left the party yet, either.

Bitcoin (BTC-USD) declined more than 2% to hover near $97,000 per token. The major cryptocurrency pulled back from recent all-time highs.

Last week bitcoin climbed above $104,000 amid investor optimism of crypto-friendly policies from the incoming Trump administration and the people he has appointed to major key regulator and policy roles.

Yahoo Finance's Anjalee Khemlani reports:

Health insurance stocks remain under pressure five days after the fatal shooting of UnitedHealthcare (UNH) CEO Brian Thompson, marking a volatile period for the sector as it awaits a transition into the Trump administration.

UnitedHealth Group is trading down by nearly 10% over the past five days, while Aetna (CVS) traded down 8% and Cigna (CI) is down more than 6% in the same period. Even smaller players like Oscar Health (OSCR) were hit, down nearly 12% in the past five days.

Oscar Health CEO Mark Bertolini told Yahoo Finance that, while there is always extra security at the offices, moving around will now be a concern.

The former Aetna CEO also said he understands the responses from the general public, which have lacked sympathy for Thompson's death and as digital sleuths haven't been as helpful to the New York Police Department as expected, according to reports.

"While the act in itself is unconscionable, the behavior of the American public, and reaction to it, is understandable given how frustrated people are at the state of our healthcare system in the United States," Bertolini said.

The shooting was "a wake-up call for the industry," he said.

Read more here.

Yahoo Finance's Pras Subramanian reports:

Chinese device and EV maker Xiaomi (XIACF) this morning revealed its latest offering in the ultracompetitive Chinese auto market, doubling down on the success it's already achieved with its SU7 EV sedan.

As first revealed on Xiaomi’s Weibo account, and subsequently on head of marketing Leo He’s X account, the YU7 is a crossover SUV EV that closely resembles the SU7 sedan, which itself looks like a cross between a McLaren supercar and Porsche Taycan EV.

Read more here.

Yahoo Finance's Claire Boston reports:

An index measuring consumer confidence in the housing market rose again in November — the latest sign that potential buyers and sellers are growing more accustomed to higher mortgage rates and home prices.

The Fannie Mae Home Purchase Sentiment Index increased 0.4 points last month to 75 points. The index has risen 10.7 points, or more than 16%, in the last year. Forty-five percent of survey respondents say they expect mortgage rates to fall in the next 12 months, while 25% expect them to rise.

The index uses questions from the National Housing Survey, a poll of more than 1,000 household financial decision-makers conducted between Nov. 1 and Nov. 19.

Read more here.

Yahoo Finance's Josh Schafer reports:

S&P 500 (^GSPC) projections for next year have a new high-water mark.

Oppenheimer chief investment strategist John Stoltzfus initiated a year-end 2025 S&P 500 target of 7,100 in a note to clients on Sunday night, marking the highest projection among strategists tracked by Yahoo Finance. The target represents roughly a 17% upside for the benchmark index from Friday's closing level.

Stoltzfus wrote his bullish outlook is "based on a number of factors including current stateside monetary policy, the resilience in economic growth, business activity, the consumer, and job creation evidenced in recent years and the current year."

Read more here.

Yahoo Finance's Alexandra Canal reports:

Comcast (CMCSA) shares fell as much as 7.5% Monday after Dave Watson, president and CEO of Comcast Cable, said the company expects broadband subscribers to decline by over 100,000 in the current quarter.

Wall Street had expected broadband subscribers to fall by about 63,300, according to the latest consensus estimates compiled by Bloomberg.

The midday stock move represented the largest intraday decline since April 25.

Read more here.

US-listed Chinese stocks popped on Monday, defying broader market trends, after Beijing promised bold measures to loosen its monetary policy ahead of the risk of tariffs and trade tensions stemming from an incoming Trump administration,

Shares in Alibaba (BABA, 9988.HK) and XPeng (XPEV, 9868.HK) jumped, following the lead of stocks in Hong Kong.

China's top leaders vowed for proactive fiscal policy to shore up the Chinese economy.

The Nasdaq Golden Dragon China Index (^HXC) jumped more than 9%.

The major averages retreated on Monday amid declines for chip-related stocks.

The Dow Jones Industrial Average (^DJI) dropped 0.2%, while the S&P 500 (^GSPC) fell 0.4%. The tech-heavy Nasdaq Composite (^IXIC) also shed 0.4%.

Nvidia (NVDA) shares slid more than 3% after China launched an antitrust probe into the AI chip giant.

Chipmaking peer AMD's (AMD) stock also fell after BofA analysts downgraded it to Neutral from Buy, citing higher competitive risks in AI versus Nvidia's custom chips.

Tesla's (TSLA) stock price rose more than 2% on Monday to touch a 52-week high of $404.80 per share.

The electric vehicle giant's stock has been a major winner in the Trump trade since Donald Trump's presidential victory last month.

CEO Elon Musk's close relationship with Trump and his involvement with the incoming administration has helped the stock rally more than 50% since Nov. 5.

US stocks opened mixed on Monday as shares of AI chip heavyweight Nvidia (NVDA) slid amid a Chinese antitrust probe.

The Dow Jones Industrial Average (^DJI) was slightly higher, while the S&P 500 (^GSPC) wavered around the flat line. The tech-heavy Nasdaq Composite (^IXIC) slipped 0.2%.

Nvidia shares declined more than 2% after reports that Chinese authorities have launched an antitrust probe into the AI chipmaker amid an escalating US-China tech face-off.

Investors were also awaiting this week's consumer inflation report, seen as a critical data point for the Federal Reserve when policymakers make their rate-setting decision at a Dec. 18 meeting.

Nvidia (NVDA) shares slipped in premarket trading after China opened an anti-monopoly probe into the company. See more details here.

Here's what else is happening today:

Economic data: Wholesale inventories (October final); New York Fed one-year inflation expectations (November)

Earnings: Casey's (CASY), C3.ai (AI), MongoDB (MDB), Rent the Runway (RENT), Oracle (ORCL), Toll Brothers (TOL), Vail Resorts (MTN)

Here are some of the biggest stories you may have missed overnight and early this morning:

Key inflation prints loom ahead of Fed rate cut decision

China probes Nvidia for potential breach of monopoly law; shares slide

New top S&P 500 bull emerges with 7,100 target

Bluesky promises to shake up social media. It might finally succeed.

China reveals plan for bolder stimulus with Trump tariffs ahead

Why Trump can't save the struggling US beef industry

As Big Tech Profit Growth Slows, Investors Hunt for a New Thing