U.S. stocks closed near flat on Monday after giving up earlier gains as investors approached the final stretch of earnings season and braced for a busy week of inflation data.

The S&P 500 teetered into negative territory, capping the session down 0.1% after the benchmark index logged three straight weeks of gains on Friday. The Nasdaq was down by roughly the same margin as an economic warning from Nvidia (NVDA) weighed on technology peers. The tech-heavy index fell from a climb of as much as 1% during intraday trading. Meanwhile, the Dow Jones Industrial Average closed up about 0.1%.

Meme stocks surged on Monday despite no news to drive shares higher. Bed, Bath & Beyond (BBBY) soared as much as 50%, while GameStop (GME), and AMC (AMCr) were each up oughly 12% and 17%, respectively. The moves came amid renewed attention to the names on Reddit's Wallstreetbets message board.

Elsewhere in markets, shares of Nvidia (NVDA) slid nearly 7% after the company said its second-quarter revenue would drop by 19% from the prior quarter. The warning comes as the gaming business more broadly sees consumers purchase fewer discretionary items such as laptops and video game consoles.

Stocks finished mixed in Friday's session after a blowout employment report showed the U.S. economy added twice as many jobs in July as expected. The Labor Department reported nonfarm payrolls rose by 528,000 last month, renewing worries the Federal Reserve may proceed with aggressive interest rate hikes to slow demand and drive down inflation.

“It likely signals reduced risk of a near-term recession, but, in our view, increases the risk of a hard landing over time given that strong data means the Fed has more work to do,” economists at Bank of America led by Michael Gapen said in a note Friday.

The bank also upwardly revised its projections for rate increases by an additional 25 basis points, calling for 50 basis point bumps in both September and November and 25 basis points in December.

Investors are in for three big inflation readings this week: the all-important Consumer Price Index (CPI), the Producer Price Index (PPI), and unit labor costs, a measure of all wages paid to employees.

The closely-watched CPI index for July due out Wednesday is expected to show a slight moderation from last month’s reading, mainly helped by lower gas prices. The figure, however, is still expected to show inflation climbing at the highest pace in four decades.

Economists surveyed by Bloomberg forecast the broadest measure of CPI rose by 8.7% in July, a number that would mark a slight cooldown from 9.1% in June. Over the month, CPI is expected to show an increase of 0.2%, up from 1.3% last month.

The earnings season is winding down, with roughly 87% of the companies in the S&P 500 having reported actual results for the second quarter year-to-date. But more big reports are stil set for release, with earnings from names including Disney, (DIS), Coinbase (COIN), Tyson Foods (TSN), and Rivian Automotive (RIVN) on tap this week.

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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