Wall Street retreats ahead of Iran announcement – chip sector weighs
US stock markets are mostly trading lower on Monday as the tech fever holds global stock markets in its grip, notes Bloomberg. At 5:40 p.m., the broad S&P500 index is down 0.2 percent, while the Dow is up 0.1 percent. The tech-heavy Nasdaq is also down 0.4 percent.
The development comes after Asian technology giants Alibaba and Softbank plummeted during the morning. Bloomberg links the decline to concerns ahead of Nvidia's interim report later this week after rumors that the chip giant is raising the prices of its AI servers by over 15 percent in some cases.
At the same time, oil prices and market interest rates are falling ahead of tonight's expected announcement from US Treasury Secretary Scott Bessent about isolating Iran economically.
Chip stocks are taking a beating, notes CNBC. Micron Technology is down 6 percent, while AMD and Broadcom are down about 2 percent. Memory company Sandisk is down about 7 percent.
Steelmakers Nucor and Steel Dynamics are both up about 2 percent after news that trade talks between the United States and Canada collapsed before the weekend. On Monday, President Donald Trump also said he would raise tariffs on Canadian vehicles to 50 percent and leave steel tariffs at 50 percent.
Inga kommentarer:
Skicka en kommentar