S&P 500, Nasdaq open lower as tech stocks slide; Nvidia earnings ahead

US stocks opened lower on Monday, August 24, with a sell-off in semiconductor shares weighing on the S&P 500 and Nasdaq, while easing Treasury yields offered some relief. Investors were also positioning for a busy week featuring Nvidia’s earnings and the Federal Reserve’s Jackson Hole symposium.

The S&P 500 fell 0.4% shortly after the open, while the tech-heavy Nasdaq Composite dropped 1%. The Dow Jones Industrial Average bucked the trend, rising 0.2%, after all three major indexes posted weekly losses last week.

Chip stocks were among the biggest decliners. Micron Technology fell more than 6%, while Advanced Micro Devices and Broadcom dropped about 3% and 2%, respectively. The iShares Semiconductor ETF declined nearly 3%. Other technology stocks also came under pressure, with Coherent and Lumentum falling more than 7%, Sandisk sliding 9%, Corning losing 4% and Seagate Technology declining 6%.

Treasury yields moved lower, with the 10-year yield down 3 basis points at 4.708% and the 30-year yield falling more than 3 basis points to 5.237%. The move followed a report that the US Treasury could use its General Account to support a potential bond buyback operation. Meanwhile, gold prices climbed to a record-high level, with futures touching $4,728.30 an ounce.

US stock futures fall as tech stocks slide ahead of Nvidia earnings

US stock futures slipped on Monday, August 24, with technology shares leading declines as investors remained cautious following a losing week for Wall Street and ahead of a busy stretch featuring Nvidia earnings and the Federal Reserve’s annual Jackson Hole symposium.

Dow Jones Industrial Average futures fell 100 points, or 0.2%, while S&P 500 futures declined 0.2%. Nasdaq-100 futures were down 0.6%.

Technology stocks came under pressure in premarket trading. The State Street Technology Select Sector SPDR Fund (XLK) fell about 1%, while Coherent and Lumentum dropped around 5% each. Sandisk also declined 5%, while Corning and Seagate Technology slipped about 3% apiece.

The weakness follows a broad market pullback last week. The Dow fell 0.8%, marking its second straight weekly decline, while the S&P 500 and Nasdaq dropped 1.4% and 2%, respectively, snapping three-week winning streaks.

Rising bond yields have remained a key source of pressure on equities. The yield on the 30-year US Treasury bond rose above 5.3% last week, reaching its highest level in nearly two decades. Yields in Japan, France and Germany also climbed to multi-year highs.

Investors are also watching developments around the US-Iran conflict, with concerns that a prolonged conflict could keep oil prices elevated and add to inflationary pressures. Measures announced by Treasury Secretary Scott Bessent to support the long end of the US yield curve provided only temporary relief to markets.

The focus this week will turn to fresh inflation data, with the July personal consumption expenditures (PCE) price index due on Wednesday. Investors will also closely watch the Federal Reserve’s Jackson Hole symposium, where Fed Chair Kevin Warsh is expected to speak.

Corporate earnings will provide another major catalyst, particularly in the artificial intelligence sector. Nvidia is scheduled to report results on Wednesday, followed by Marvell Technology on Thursday. Investors will look to the companies’ results and outlooks for clues on the strength of AI-related spending and the broader technology sector.

Markets will also assess any details from the Trump administration on new economic sanctions against Iran, adding another potential source of volatility to an already eventful week.

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(Edited by : Ajay Vaishnav)