Nvidia, whose chips are powering much of the world's move into AI, dropped 3% and was on track to be the heaviest weight on Wall Street for a second straight day following its 3.5% fall on Tuesday. Palantir Technologies, another AI darling, sank 8.1% to add to its 9.4% loss from the day before.

The S&P 500 slipped 0.4% and is on track for a third straight modest loss after setting its all-time high last week. The Dow Jones Industrial Average was up 8 points, or less than 0.1%, as of 11:50 a.m. Eastern time, and the Nasdaq composite was down 1%.

Wall Street's main indexes were down on Monday, as investors awaited a raft of corporate earnings reports from major retailers for more signs about the state of the economy and the Federal Reserve's annual symposium in Jackson Hole.