US stocks drifted lower on Monday to compound their sharp losses from last week .

The S&P 500 dipped 0.5 percent to 5,983 after flipping between small gains and losses several times through the day. The relatively modest moves followed its 1.7 percent tumble on Friday, which came after several weaker-than-expected reports on the US economy.

The Dow added 0.1 percent to 43.461, while the Nasdaq composite fell 1.2 percent to 19,286.

Berkshire Hathaway climbed 4.1 percent for one of the market’s bigger gains after Warren Buffett’s company reported a jumped in operating profits for the latest quarter.

Starbucks rose 1.3 percent after saying it would cut 1,100 corporate jobs and leave several hundred more positions unfilled as new CEO Brian Niccol tries to make it a leaner operation.

Big US companies have broadly been reporting better profits for the last three months of 2024 than analysts expected, which is one of the main reasons the S&P 500 set a record before sliding at the end of last week. The pace of reports will slow this week, but several potentially market-moving updates are still on deck.

Chief among them is Nvidia, the company that’s become one of Wall Street’s most influential stocks because of what had been nearly insatiable demand for its chips.

Wednesday will be the company’s first profit report since a Chinese upstart, DeepSeek, upended the artificial-intelligence industry by saying it developed a large language model that can compete with big US rivals without having to use the top-flight, most expensive chips. (AP)