US Supreme Court justices signaled they are headed toward a narrow ruling on shareholder lawsuits as they weighed an effort to sue Nvidia Corp. for allegedly misleading investors over its dependence on crypto-mining revenue.

The Supreme Court in prior rulings has limited the authority of the Securities and Exchange Commission, the federal agency that polices securities fraud. Its rulings in the Facebook and Nvidia cases - expected by the end of June - now could make it tougher for private litigants to hold companies liable for such conduct.