Chips lift Nasdaq to record high; inflation numbers, earnings in focus
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Boeing rises after plea deal in 737 MAX probe
Paramount Global slips after Skydance merger deal
Powell Congressional testimony on Tuesday and Wednesday
Indexes: Dow down 0.21%, S&P down 0.05%, Nasdaq up 0.16%
Updated at 12:16 p.m. ET/1616 GMT
By Lisa Pauline Mattackal and Ankika Biswas
July 8 (Reuters) - Chip stocks boosted the Nasdaq on Monday, while the S&P 500 and the Dow edged lower as investors awaited a key inflation reading, commentary from Federal Reserve Chair Jerome Powell and the start of corporate earnings season for monetary policy cues.
Nvidia NVDA.O, Intel INTC.O, Marvell Technology MRVL.O, Advanced Micro Devices AMD.O and Qualcomm QCOM.O jumped between 0.8% and 4.6%.
The gains lifted the Philadelphia SE Semiconductor Index .SOX1.5%, to a near three-week high, and helped the S&P 500 .SPX and the Nasdaq .IXIC open at fresh intraday record highs, after closing at fresh record peaks on Friday.
On the economic front, consumer price index data due on Thursday and producer price index data expected on Friday will be under the scanner to gauge if price pressures are easing.
"The economic picture has weakened further, but not enough yet to freak everybody out that it's going to morph into a hard landing," said Mike Wilson, chief equity strategist at Morgan Stanley.
"But if it doesn't improve or doesn't stabilize, there's going to be a crossover point where bad economic data is all of a sudden bad for the stock market."
Expectations for interest-rate cuts as early as September wereboosted after Friday's nonfarm payrolls report showed U.S. job growth slowed in June -the latest data to point to weakness in labor market conditions.
Traders now see a nearly 74% chanceof a 25-basis-point cut in September, up from last week's 60%, according to CME's FedWatch.
Megacaps including Alphabet GOOGL.O, Amazon.com AMZN.O Meta Platforms, META.O and Apple AAPL.O retreated after Friday's rally, shedding between 0.2% and 1.5% on the day.
The Dow .DJI slipped off a more than one-month high, dragged by losses in Salesforce CRM.N and Microsoft MSFT.O.
Major banks including Citigroup C.N, JPMorgan Chase JPM.N and Wells Fargo WFC.N are slated to kickoff the second-quarter earnings season on Friday. Citigroup shares gained 0.9%, while Wells Fargo lost 0.9%.
The S&P 500 Information Technology Index .SPLRCT was the top sectoral gainer, while Communication Services .SPLRCL was the biggest laggard. The small-cap Russell 2000 .RUT gained 0.6%.
Investors are also looking ahead to earnings to see if a sharp rally in a handful of megacap stocks such as Nvidia justifies their pricey valuations.
Markets will also watch Powell's semi-annual testimony before U.S. Senateand House committees onJuly 9 and 10 closely.
At 12:16 a.m. ET, the Dow Jones Industrial Average .DJI was down 82.22 points, or 0.21%, at 39,293.65, the S&P 500 .SPX was down 2.57 points, or 0.05%, at 5,564.62, and the Nasdaq Composite .IXIC was up 28.98 points, or 0.16%, at 18,381.74.
Paramount Global PARA.O reversed its premarket course and fell 3%after Sunday's announcementof a merger with Skydance Media.
Planemaker Boeing BA.N gained 0.8% after agreeingto plead guilty to a criminalfraud conspiracy chargeand afine of $243.6 million, to resolve a U.S. Justice Department investigation into two fatal737 MAX crashes.
Advancing issues outnumbered decliners by a 1.13-to-1 ratio on the NYSE, and by a 1.34-to-1 ratio on the Nasdaq.
The S&P index recorded 19 new 52-week highs and six new lows, while the Nasdaq recorded 66 new highs and 81 new lows.
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru and Saeed Azhar in New York; Editing by Anil D'Silva and Pooja Desai
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