S&P 500 gives up earlier gain and is flat as Nvidia warning hits tech stocks

Boeing is set to resume deliveries of its 787 Dreamliners, according to the Federal Aviation Administration. Deliveries were suspended as regulators reviewed manufacturing flaws in the airliner.

“Boeing has made the necessary changes to ensure that the 787 Dreamliner meets all certification standards,” read a statement. “The FAA will inspect each aircraft before an airworthiness certificate is issued and cleared for delivery.”

Shares gained more than 3%.

— Sarah Min

The S&P 500 rose above its June high of 4,177 but was unable to hold onto it Monday.

T3live.com’s Scott Redler said that while the S&P 500’s initial run at the high got rejected, he expects it may make another move after Wednesday’s release of the consumer price index — if it’s in line with expectations or a bit softer. “The first time you see an important level, it often does get rejected,” he said. 

The CPI is expected to have risen by 8.7% in July, according to Dow Jones, a slight cooldown from June’s 9.1% surge. “It’s very key. If we got a hot CPI report, then I would think the market would retreat pretty fast,” said Redler.

Oppenheimer’s Ari Wald said the more important level is the 200-day moving average, just above 4,300, but the June high is still important near-term.

“It’s kind of the most glaring level on the chart, and it was kind of where it peaked right before the June CPI print for May came out, which catalyzed the final leg lower in the washout for the market,” said Ari Wald, technical analyst at Oppenheimer.

-Patti Domm

The major indexes have drifted toward the flatline in midday trading, with the S&P 500 up just 0.1%.

The reversal comes as the sell-off for semiconductor stocks has deepened. Shares of Nvidia are down nearly 9%. The PHLX Semiconductor Sector Index is off by about 2.5%.

-Jesse Pound

The major indexes came off of their session highs in late morning trading, drifting back toward their opening levels. The Nasdaq is now up less than 1%, while the Dow is up about 180 points.

The Invesco Solar ETF, which surged in early trading, is now up less than 2%.

-Jesse Pound

Consumers inflation expectations over the next several years fell sharply in July amid a big drop in gas prices and expected declines for food and housing.

The New York Fed’s Survey of Consumer Expectations shows respondents still expect price increases to be considerable over the next one-, three- and five-year increments. But they fell to 6.2% over the next year and 3.2% over the next three years, respective monthly declines of 0.6 percentage points and 0.4…