U.S. Stocks Slide Ahead of Nvidia Earnings and Iran Sanctions

U.S. stocks opened lower on Monday, August 24, as technology and semiconductor shares led the decline ahead of Nvidia's earnings report and new U.S. sanctions on Iran.

The Dow Jones Industrial Average fell by 15.1 points, or 0.03%, to 53,261.95 at the opening bell. The S&P 500 dropped 0.14% to 7,663.38, while the Nasdaq Composite lost 0.44% to 26,065.32.

Chip stocks were particularly weak, with Micron down 5.47%, AMD falling 2.81%, Intel losing 3.64%, and Broadcom declining 1.19%. Nvidia was down 0.62%, while Tesla fell 2.07%.

The selling pressure comes ahead of Nvidia's quarterly results on Wednesday, which analysts expect to show revenue nearly doubling to around $92 billion.