Stocks Fall as Chip Selloff Outweighs Oil Drop: Markets Wrap

Wall Street opened the week cautiously as a selloff in chipmakers overshadowed falling oil prices, with traders also weighing Treasury Secretary Scott Bessent's plan to isolate Iran economically. The Nasdaq 100 fell 0.8%, while oil settled at $85 a barrel. Semiconductor stocks slipped ahead of Nvidia Corp.'s earnings, with a $26 billion memory-focused ETF sinking 5.5% amid reports of AI-related price hikes above 15% for some customers. Bessent threatened economic punishment against countries doing business with Iran, while refraining from further signals on US debt management. Investors are also awaiting Federal Reserve Chair Kevin Warsh's Friday speech at Jackson Hole, Wyoming, his first as central bank leader, for clarity on inflation policy. The government will release its preferred inflation gauge on Wednesday, and President Donald Trump pledged to double tariffs on Canadian vehicles.