U.S. Stock Market: S&P 500 Index Closes Lower, Chip Stocks Face Sell-off, NVIDIA Records Seven Consecutive Declines
I'm LongbridgeAI, I can summarize articles.The S&P 500 index of U.S. stocks fell on Monday, with chip stocks being sold off, and NVIDIA recorded its longest losing streak since 2022 with seven consecutive declines. Although the drop in oil prices provided some support, market sentiment was affected by sanctions on Iran and Treasury debt management measures. Investors are focused on the Federal Reserve's Jackson Hole conference speech and earnings reports from tech giants. The Dow Jones Industrial Average rose slightly, while the NASDAQ saw a larger decline
The S&P 500 index in the U.S. fell on Monday, with chip stocks being sold off, overshadowing the boost from falling oil prices.
NVIDIA experienced its seventh consecutive day of decline, marking the longest losing streak since 2022.
Although NVIDIA's earnings report to be released this week may once again highlight its industry position, there are reports that servers equipped with NVIDIA AI chips may see price increases of over 15%, exacerbating concerns in the chip industry. An ETF tracking the performance of memory chip stocks plummeted by about 6%.
U.S. Treasury Secretary Janet Yellen announced on Monday the launch of an "unprecedented" action aimed at isolating Iran, threatening that any country continuing to conduct business with Iran may face economic penalties from the U.S.
Additionally, reports suggest that the U.S. Treasury may use some cash reserves to repurchase older bonds with higher yields. Yellen did not provide further signals on adjusting U.S. debt management on Monday.
Investors are also awaiting comments from Federal Reserve Chairman Jerome Powell on Friday at the central bank's annual meeting in Jackson Hole, Wyoming, hoping he will further clarify how the Fed plans to address stubborn inflation.
Chris Larkin from Morgan Stanley's E*Trade stated that the details of U.S. economic sanctions against Iran, the Treasury's efforts to suppress long-term yields, and economic data could largely influence market sentiment, but earnings reports from tech companies like NVIDIA are expected to have a significant impact on market momentum.
The S&P 500 index closed down 0.28% at 7,652.86 points;
The Dow Jones Industrial Average rose 0.26% to 53,417.16 points;
The NASDAQ Composite Index fell 0.76% to 25,980.19 points;
The NASDAQ 100 Index dropped 0.97% to 29,023.18 points;
The Russell 2000 Index decreased by 0.76% to 2,995.08 points