Nasdaq Slumps as Tech Stocks Tumble Amid Geopolitical Tensions
The US stock markets opened on Monday with a mixed performance as investors braced for a high-stakes week defined by escalating geopolitical tensions, Nvidia's upcoming earnings report, and the Federal Reserve's Jackson Hole Symposium.
The technology-heavy Nasdaq Composite (^IXIC) dropped 179.44 points or 0.69% to 26,001.01 in the opening minutes, while the Dow Jones Industrial Average (^DJI) gained 78.97 points or 0.15% to 53,355.98.
The broader S&P 500 (^GSPC) fell 21.95 points or 0.29% to 7,652.42, reflecting the weight of declining tech stocks. The Nasdaq's decline was driven by widespread selling in the semiconductor sector, with the iShares Semiconductor ETF (SOXX) sliding nearly 2% in early trading.
The Dow Jones Industrial Average defied the broader market weakness, gaining 78.97 points or 0.15% to 53,355.98 in early trading. Financial stocks were among the top performers on the Dow, with Visa (V) surging 1.98%, American Express (AXP) climbing 1.66%, and JPMorgan Chase (JPM) adding 1.09%.