US Tech Stocks Drag Markets Down Amid Iran Sanctions Uncertainty

The S&P 500 and Nasdaq ended lower on August 24 due to tech stocks' decline, as investors weighed fresh US economic pressure against Iran.

The Trump administration announced a possible expansion of sanctions on countries doing business with Iran, but stopped short of imposing penalties. Chip stocks sold off, with Nvidia down 2.9%, Micron Technology falling 5.8%, and Broadcom sliding 2.6%.

Financials gained, however, with JPMorgan Chase up 1.4% and Visa increasing by 3%. This helped keep the Dow Jones Industrial Average afloat, which rose 140.15 points to 53,417.16.