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Nasdaq 100 slips to a 3-week low as chip weakness weighs
The mixed session came as the 10-year Treasury yield fell about 3 basis points to 4.70%, amid weaker oil prices and lower inflation expectations.
US stocks finished mixed as chipmakers and AI-infrastructure shares pulled the Nasdaq 100 lower, with the index down 1.0% to a 3-week low, according to Yahoo Finance. The S&P 500 was down 0.3%, while the Dow Jones Industrial Average rose 0.3%. E-mini S&P and Nasdaq 100 futures also moved lower, with September Nasdaq futures down 1.1%.
The market pressure was tied to both equities and macro factors, Yahoo Finance said. Crude oil prices fell more than 2%, which in turn pushed inflation expectations and bond yields lower, with the 10-year T-note yield down 3 basis points to 4.70%.
Yahoo Finance also cited a softer US data point, noting the July Chicago Fed national activity index fell 0.1 to minus 0.08, compared with expectations of minus 0.09. Traders were also watching remarks from US Treasury Secretary Bessent later in the day about plans to isolate Iran's economy.
In commodities and geopolitics, WTI was pressured after Axios reported that about 40 tankers transited out of the Strait of Hormuz on Friday night, carrying around 16 million barrels of crude. Yahoo Finance added that the Joint Maritime Information Center cut the shipping threat level in the Gulf of Oman to "moderate" from the prior assessment, and that trade talks between Canada and the US collapsed, leading the US to apply a 50% tariff on about $20 billion of Canadian goods with Canadian retaliation set to begin September 8.
Latest closeWTI crude $82.40 ▲1.4%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%