Drops for Nvidia and other tech stocks are weighing on Wall Street Monday and keeping it in its weekslong rut. The S&P 500 was down 0.2% in afternoon trading, coming off its fourth losing week in the last five.

BMO Capital Markets forecasts the S&P 500 will reach 6,700, reflecting a gain of 13.2%. Chief investment strategist Brian Belski said he and his team "remain resolutely bullish," but expect "performance and fundamentals will more closely match the historical norms -- namely, in the high-single digit/low-double-digit percentage range in 2025."

Asian stocks have retreated after U.S. stocks fell as good news on the job market raised worries over inflation