The recent rally of the IBEX 35 showed signs of exhaustion on Monday, at the start of a week that will see the U.S. technology company Nvidia and the speeches of several U.S. Federal Reserve (Fed) leaders as protagonists.

In the two previous sessions, the Spanish stock index rose more than 250 points, but still remains below the 12,000 points reached in mid-October, before Donald Trump's victory in the U.S. presidential election.

Trump's coming to power in January has generated some nervousness in the Spanish stock market, due to fears that his policies could hurt Europe and hinder a further easing of interest rates by raising inflation and the public deficit.

This week, the market will be paying close attention to the interventions of Fed officials, such as Austan Goolsbee (Monday and Thursday) and Beth Hammack (Thursday), which could offer clues about upcoming monetary decisions.

Statements from European Central Bank officials, including President Christine Lagarde and Vice President Luis de Guindos (Monday, Wednesday and Friday in both cases), will also be closely watched.

However, Bankinter analysts note on their Telegram channel that the short-term focus is on Nvidia's quarterly report.

"This week is simple: if Nvidia delivers on numbers (expected EPS $0.742; +85%) and guidance on Wednesday night (will publish at NY close), confidence on technology and, by extension, the market will come out reinforced; if it disappoints, it will complicate it all for a while," they explain.

"Apart from Nvidia, there is some macro indicator flow. But the really important thing is Nvidia," they add.

On the macro calendar, highlights include the final October CPI for the eurozone (Tuesday) and the provisional PMI surveys on both sides of the Atlantic for November (Friday).

Against this backdrop, at 0815 GMT on Monday, the selective Spanish stock market index IBEX 35 fell 19.60 points, or 0.17%, to 11,616.30 points, while the FTSE Eurofirst 300 index of large European stocks fell 0.04%.

In the banking sector, Santander rose 0.23%, BBVA gained 0.11%, Caixabank advanced 0.32%, Sabadell gained 0.30%, Bankinter gained 0.23%, and Unicaja Banco rose 0.81%.

Among the large non-financial stocks, Telefónica gained 0.14%, Inditex dropped 0.55%, Iberdrola lost 0.26%, Cellnex fell 0.28%, and the oil company Repsol rose 0.30%.

Grifols fell by more than 3% in a context of high volatility while a corporate operation on the company is expected to be finalized.

The news website El Confidencial published on Monday that the Canadian fund Brookfield plans to offer around 7 billion euros (7.4 billion dollars) for the Spanish pharmaceutical company after completing the due diligence process, which is less than the closing market price on Friday.

The Canadian private equity firm said in September that it was interested in launching a joint takeover bid with the Grifols family.

(Information by Tomás Cobos; edited by Benjamín Mejías Valencia)