Chipmaker Weakness Drags Down Nasdaq, Broad Market Pressure Mounts
The broader U.S. stock market is under pressure as weakness in chipmakers and AI-infrastructure stocks drags the Nasdaq 100 to a three-week low. The S&P 500 fell by -0.27%, while the Dow Jones Industrial Average rose slightly (+0.26%). E-mini futures for both indices also declined, with the Nasdaq contract down more than -1%. Market sentiment was further weighed by collapsing U.S.-Canada trade talks and a resulting 50% tariff on Canadian goods. Meanwhile, crude oil prices dropped over -2%, easing inflation concerns and pushing bond yields lower. The 10-year Treasury yield fell to 4.70%. Investors are also watching for comments from U.S. Treasury Secretary Bessent regarding plans to isolate Iran's economy, which has led to heightened geopolitical tensions in the Persian Gulf. Despite mixed market performance today, earnings season is shaping up positively with strong Q2 results expected across the S&P 500 index.
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Topics: AI infrastructure semiconductors stock indices trade tensions