“All eyes are on Nvidia,” said Katie Stockton, founder of Fairlead Strategies, a research firm that provides technical analysis of markets, in a note Monday. The levels to watch for Nvidia’s stock are its 50-day moving average of around $167 and “minor resistance near $184,” she said.

Now, Wall Street is bracing for Nvidia earnings, which land Wednesday after the bell. Expectations for its results are sky-high, with the company's stock up almost 34% so far this year, even as restrictions on chip sales to China have possibly cost the company billions.

Live Updates Live Coverage Has Ended Monday Wrap-up 4:05 pm The Vanguard S&P 500 ETF closed Monday at 590.66, down 0.4%. Optimistic About Nvidia 11:57 am Investment bank Stifel raised its price target on Nvidia to $212 ahead of Q2 earnings,