The Nasdaq closed at a record high on Monday, buoyed by chip stocks like Nvidia Corp (NASDAQ:NVDA) ahead of its earnings report. Meanwhile, gold surged to an all-time high as investors assessed hawkish statements from the Federal Reserve against signs of easing U.S. inflation.

Tech-heavy Nasdaq led gains, supported by Nvidia's advance, while the S&P 500 posted a modest rise. The Dow dipped below 40,000 after crossing it for the first time on Friday.

Market expert Jay Hatfield noted that while Nvidia drove Nasdaq's rise, the broader market appeared stalled, with the S&P 500 extended above its 200-day moving average.

Federal Reserve officials expressed caution about inflation and interest rate policy. Fed Vice Chair Philip Jefferson and Vice Chair Michael Barr highlighted uncertainties about inflation's trajectory, while Atlanta Fed President Raphael Bostic emphasized patience in assessing price growth.

Hatfield remarked on the market's oscillations, noting a shift from expectations of rate cuts to discussions on potential rate hikes at the beginning of the year.

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