US Stocks Fluctuate Amid Iran Sanctions Uncertainty
The US stock market ended on a mixed note as technology stocks slid due to investors' concerns over fresh economic pressure from Washington against Iran. The Dow Jones Industrial Average managed to rise, but the S&P 500 and Nasdaq Composite indices fell.
On Monday, President Donald Trump's administration announced a possible expansion of sanctions on countries doing business with Iran, which was met with caution from investors. Despite this, no penalties were actually imposed, leaving the market uncertain about what's next.
The Philadelphia SE Semiconductor index dropped as chip stocks, including Nvidia (-2.9%), Micron Technology (-5.8%), and Broadcom (-2.6%), declined in value. These losses weighed heavily on the S&P 500 Information Technology index.
However, financials performed relatively well, with JPMorgan Chase up 1.4% and Visa rising 3.0%. This helped keep the blue-chip Dow afloat, which rose 140.15 points to 53,417.16.