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S&P 500 slips to a 2.5-week low as chipmakers weigh on stocks
The Nasdaq 100 closed down 0.97%, while the 10-year Treasury yield fell 3 basis points to 4.70% after crude oil prices dropped more than 2%.
US stock indices finished mostly lower on Monday, with the S&P 500 ending the session down 0.28% and slipping to a 2.5-week low. The Dow Jones Industrial Average rose 0.26%, while the Nasdaq 100 fell 0.97% as weakness in chipmakers and AI-infrastructure stocks pressured the broader market, according to Yahoo Finance.
The selloff was partly tied to macro and trade developments. Yahoo Finance reported that trade talks between Canada and the US collapsed late last Friday, leading the US to apply a 50% tariff on about $20 billion of Canadian goods, and Canada said it would retaliate with measures taking effect September 8.
Treasury and oil moves also appeared to influence sentiment. Yahoo Finance said crude oil prices fell more than 2% on Monday, with the 10-year T-note yield dropping 3 basis points to 4.70%, while the July Chicago Fed national activity index fell 0.14 to -0.08, slightly stronger than expectations of -0.09.
On the global and energy front, Yahoo Finance cited US Treasury Secretary Scott Bessent saying the US announced a campaign to sever Iran from the global economy, warning that countries doing business with Iran could face US sanctions. The report also pointed to a decline in Oct WTI, with prices down more than 2% after Axios said about 40 tankers transited out of the Strait of Hormuz last Friday night, carrying about 16 million barrels of crude, and after the Joint Maritime Information Center cut the threat level for shipping in the Gulf of Oman to “moderate.”
Latest closeWTI crude $82.40 ▲1.4%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%