Investing.com-- U.S. stocks slipped lower Monday, extending the previous week's declines while the focus turns squarely to key upcoming inflation data.

By 10:20 ET (14:20 GMT), the Dow Jones Industrial Average was down 210 points, or 0.5%, S&P 500 traded 24 points, or 0.5%, lower and NASDAQ Composite dropped 66 points, or 0.4%.

Profit-taking in the technology sector, especially in market darling NVIDIA Corporation (NASDAQ:NVDA), saw Wall Street indexes pull back sharply from record highs on Friday.

A mixed employment report also factored into market caution, given that it showed nonfarm payrolls grew more than expected in February, and came just after a series of somewhat hawkish signals on U.S. interest rates from the Federal Reserve.  

These losses raised questions over whether a stellar rally through February was now running out of steam. 

Gains in technology, amid hype over artificial intelligence, were the biggest drivers of Wall Street over the past month, especially as investors piled into Nvidia and other chipmakers.

CPI data awaited for more rate cut cues 

The consumer price index data, due on Tuesday, will be studied carefully for more cues on the path of U.S. interest rates and the economy.

The reading is expected to show some easing in inflation after outsized CPI readings for the past two months, although the annual core figure is still expected to remain well above the Fed’s annual 2% target. 

Fed Chair Jerome Powell, as well as several other central bank officials, had signaled last week that they were still seeking more signs that inflation was weakening, before the bank would consider cutting interest rates.

Market watchers will also be looking to Thursday’s retail sales data for February, which is expected to rebound 0.8% after falling the same amount a month earlier.

The economic calendar also features updates on industrial production, consumer sentiment and weekly data on initial jobless claims.

Oracle due to report 

The quarterly earnings season is slowing down, but software giant Oracle Corporation (NYSE:ORCL) is set to report after the close.

Elsewhere, Choice Hotels International (NYSE:CHH) stock rose 4.8% after the chain terminated its months-long takeover bid for rival Wyndham Hotels & Resorts (NYSE:WH), down 0.4%, after failing to gather enough support from the target's shareholders.

Choice added that its board had authorized an increase of 5 million shares to its repurchase program. 

Boeing (NYSE:BA) stock slipped 4% after the Wall Street Journal reported that the U.S. Justice Department had opened a criminal investigation into a dangerous mid-air fuselage breach in January on one of the planemaker's 737 Max jets operated by Alaska Airlines.

Equitrans Midstream (NYSE:ETRN) jumped 2.5% after energy company EQT Corporation (NYSE:EQT), down 7%, said it had decided to buy back its former pipeline unit in an all-stock deal.

Coinbase Global (NASDAQ:COIN) stock rose 3.2%, with the cryptocurrency exchange benefiting from bitcoin, the most popular digital currency, climbing to a fresh record high.