Stock market today: Dow, S&P 500, Nasdaq slip as oil prices climb, Nvidia stock pulls back

US stocks slid amid rising oil prices on Monday, kicking off a week of earnings and inflation data.

The S&P 500 ( ^GSPC ) dipped nearly 0.1%, while the Dow Jones Industrial Average ( ^DJI ) fell 0.1%. The tech-heavy Nasdaq Composite ( ^IXIC ) declined by 0.3% after a winning week for the major indexes .

Nvidia ( NVDA ) stock fell nearly 3%, weighing on the major indexes, following a Financial Times report that the AI chip behemoth is working with Apollo ‌Global and Blackstone to create a $500 billion AI infrastructure funding ​package. (Disclosure: Yahoo is a portfolio company of funds managed by affiliates of Apollo Global Management.)

Intel ( INTC ) stock also slipped as the chipmaker said it would issue shares to raise $15 billion.

Investors remain in wait-and-see mode after Iran teased that an elusive deal to open the Strait of Hormuz is "very close." Oil prices rose on Monday, with global benchmark Brent crude futures ( BZ=F ) trading at $87 per barrel after plenty of will-they, won't-they speculation surrounding the Hormuz reopening.

Investors are also awaiting the latest Consumer Price Index (CPI) reading on Wednesday, which could change the narrative on inflation. Federal Reserve officials remain divided on whether to raise interest rates as they monitor the oil shock from the war in the Middle East and the subsequent impact on inflation. A surprisingly weak jobs report on Friday took some of the pressure off the Fed , though policymakers have said they are prepared to act if inflation comes in hotter than expected.

The earnings calendar is lighter than in recent weeks, with over 80% of S&P 500 companies already having reported. However, several AI infrastructure companies, including CoreWeave ( CRWV ), Nebius ( NBIS ), Cerebras Systems ( CBRS ), and Super Micro Computer ( SMCI ), will broaden investors' understanding of the AI build-out when they report.