U.S. stocks mixed as chip sell-off hits tech
U.S. stocks closed mixed on Monday as a sharp sell-off in semiconductor equities dragged down the technology sector, while investors digested new sanctions against Iran and tariff warnings targeting Canada. The Dow Jones Industrial Average rose 0.26 percent to 53,417.16, while the S&P 500 fell 0.28 percent and the Nasdaq dropped 0.77 percent. Chipmakers led losses after reports that Nvidia plans price hikes on AI server configurations, hitting SanDisk, Western Digital, and Micron. Geopolitical news included Treasury Secretary Scott Bessent threatening Iran with new sanctions, while President Donald Trump announced plans to raise tariffs on Canadian cars and steel to 50 percent. Attention now turns to Nvidia's earnings and Fed Chair Kevin Warsh's Jackson Hole speech later this week.