U.S. stocks opened the week with mixed moves on Monday, August 24. Semiconductor losses pulled the Nasdaq Composite and S&P 500 lower. Meanwhile, cheaper oil and falling Treasury yields gave the Dow Jones Industrial Average some support.

Investors awaited Treasury Secretary Scott Bessent’s planned announcement on new economic measures against Iran. Markets also prepared for Nvidia’s results, fresh inflation data and Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.

Chip Stocks Pull Nasdaq Lower

The S&P 500 fell 0.27% to 7,653.60 during morning trading. The Nasdaq dropped 0.63% to 26,015.94, while the Dow added 0.21% to 53,389.19. Declining technology shares outweighed gains across several other parts of the stock market.

Nvidia lost about 2.4%, putting the stock on course for a seventh straight daily decline. Micron and Marvell each fell more than 6%. Sandisk dropped about 10.6%, while the S&P 500 technology sector lost 1.1%.

Nvidia will report second-quarter results after Wednesday’s closing bell. Its report will provide new figures on demand for artificial intelligence chips and data-center equipment. Investors have closely tracked whether corporate AI spending can support valuations across semiconductor shares.

Asian technology markets were also weak. Hong Kong-listed Alibaba fell after the company began a $10.2 billion share sale to finance artificial intelligence investment. South Korea’s Kospi lost 3.1%, while Hong Kong’s Hang Seng fell 1.9%, extending pressure across major regional stock markets on Monday.

Oil Retreats Before Iran Measures

Brent crude fell around 2% to about $91.50 a barrel after six consecutive gains. West Texas Intermediate traded near $86.20, down roughly 1.5%. The pullback reduced some concern that higher energy costs could keep inflation elevated.

Bessent plans to describe a broader pressure campaign against Iran at an afternoon press conference. He has called the initiative an “economic D-Day".  The Treasury could also expand secondary sanctions against countries, companies and banks that continue handling Iranian trade.

The expected measures could cover oil buyers, shipping networks, financial institutions and other channels linked to Iran. Traders are watching how Washington treats trade conducted through third countries. They are also monitoring tanker traffic through the Strait of Hormuz.

Treasury Yields Ease on Buyback Report

The 10-year Treasury yield fell about three basis points to 4.708%. The 30-year yield declined by more than three basis points to 5.237%. That rate had moved above 5.3% last week, reaching its highest level in 19 years.

Reportedly, Treasury officials could use the department’s near $1 trillion General Account to fund planned government bond buybacks. Treasury previously said it would at least double purchases of older long-dated securities from $2 billion to $4 billion per operation.

Funding purchases from the account could reduce the need for additional short-term bill issuance. Bessent has also described the program as a “Treasury Twist", involving purchases at the long end of the market. Officials have not ruled out issuing bills.

Nvidia, Inflation and Warsh Enter Focus

Wednesday brings Nvidia’s earnings and the Personal Consumption Expenditures report. The PCE price index serves as the Federal Reserve’s preferred inflation measure. Traders will examine the data for evidence that energy costs are spreading into wider consumer prices.

Warsh will speak Friday at the Fed’s annual symposium in Jackson Hole, Wyoming. Investors will seek information on how policymakers view inflation, market rates and economic growth. LSEG data showed traders had priced one quarter-point rate increase by year-end.

Trade policy added another risk. President Donald Trump said tariffs on Canadian cars, trucks, automotive parts and steel would rise to 50% on January 1, 2027. The announcement followed the breakdown of trade negotiations between Washington and Ottawa.

Gold futures also rose to $4,728.30, their highest level since May 13. The move came while oil and yields declined. Those market moves occurred before several scheduled policy, economic and corporate events across this trading week.

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