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S&P 500 and Nasdaq slip as tariffs, Iran sanctions jolt markets
The Nasdaq fell 0.8% while the Dow rose 0.3%, as investors rotated out of tech amid tariff action and upcoming details on Iran-related measures.
US stocks mostly slipped as the Trump administration prepared new tariffs on Canadian goods and new economic sanctions targeting Iran, setting up a busy week that includes Nvidia earnings and the Federal Reserve's Jackson Hole Symposium, according to Yahoo Finance.
The S&P 500 declined 0.3% and the Nasdaq Composite dropped 0.8%, while the Dow Jones Industrial Average rose 0.3% after the major indexes posted weekly declines.
Investors rotated out of tech names, with semiconductor stocks under pressure as Sandisk and Micron fell amid rumors about Apple testing chips made by China's CXMT and after Alibaba announced a $10.2 billion share sale to fund its artificial intelligence efforts.
Markets also weighed a potential new economic pressure campaign against Iran, with Treasury Secretary Scott Bessent expected to share more details at a Monday press conference after writing about the measures in a Financial Times op-ed, while US tariff plans against Canada included a pledge to raise autos, auto parts, and steel tariffs to 50% starting Jan. 1, 2027.
Latest closeS&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%|Dow Jones 53,732.41 ▼0.2%