Mixed US Stocks Close Amid Semiconductor Sell-Off and Geopolitical Tensions
US stocks closed mixed on Monday as semiconductor equities took a sharp hit. The Dow Jones Industrial Average rose 140.15 points, or 0.26 percent, to 53,417.16.
The S&P 500 sank 21.51 points, or 0.28 percent, to 7,652.86, while the Nasdaq Composite Index shed 200.264 points, or 0.77 percent, to 25,980.19.
Tech sector weakness stemmed from broad declines among chipmakers, which followed reports that Nvidia plans to raise prices for select AI server configurations. Shares of SanDisk, Western Digital, SK Hynix, Micron Technology, and Seagate Technology all fell.
Geopolitical tensions dominated the day's headlines as US Treasury Secretary Scott Bessent threatened Iran with 'an economic D-Day', announcing new sanctions aimed at isolating the country further. President Trump also escalated trade frictions with Canada by threatening to raise tariffs on Canadian cars and automotive parts to 50 percent effective January 1, 2027.
Market attention is now focused on Nvidia's upcoming second-quarter earnings release and Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Economic Policy Symposium later this week.