US Stocks Slide Ahead of Nvidia Earnings and Fed Meeting

US stock futures fell on Monday as tech stocks declined ahead of Nvidia's earnings and the Federal Reserve's Jackson Hole symposium. The S&P 500 dropped 0.4% in early trading, while the Nasdaq Composite slid 1%. In contrast, the Dow Jones Industrial Average edged up 0.2%, having posted weekly losses last week.

Chip stocks were among the biggest decliners, with Micron Technology plummeting over 6%, Advanced Micro Devices and Broadcom dropping around 3% each. The iShares Semiconductor ETF fell nearly 3%. Other technology shares also came under pressure, including Coherent and Lumentum, which dropped more than 7%, Sandisk, which slid 9%, Corning, losing 4%, and Seagate Technology, declining 6%.

Treasury yields moved lower, with the 10-year yield down 3 basis points at 4.708% and the 30-year yield falling over 3 basis points to 5.237%. This followed a report that the US Treasury could use its General Account to support a potential bond buyback operation.