US equities traded mixed on August 24 as the three major indexes diverged. At press time, the Dow Jones Industrial Average inched up 0.11% to 53,335; the S&P 500 slipped 0.25% to 7,655; and the Nasdaq Composite fell 0.55% to 26,035. The collapse of US-Canada trade negotiations, President Trump's announcement of tariffs on Canadian automobiles and steel hiked to 50%, and profit-taking in technology stocks kept market sentiment cautious.

On the sector front, semiconductor names broadly weakened, with Micron Technology tumbling over 5% while Intel and Nvidia each shed nearly 2%. Auto stocks were notably hit by the tariff news, as Ford and Stellantis both dropped more than 3%. Bucking the trend, cryptocurrency-exposed stocks rallied, with Strategy surging over 5% and Mara gaining nearly 4%.

Semiconductors Pull Back Broadly; Micron Slides Over 5%

As of press time, Micron Technology (MU) dropped 5.14% to $917.13; Intel (INTC) fell 2.60% to $87.73; Nvidia (NVDA) declined 1.87% to $210.71; and Super Micro Computer (SMCI) lost 4.37% to $35.61.

TSMC (TSM) also fell over 3% on the day, with reports attributing the move to profit-taking following a strong rally and market concerns over high capital expenditure squeezing margins. Analysts nevertheless maintained a "Buy" rating with an average price target of $542.64. Separately, Cantor Fitzgerald analyst C.J. Muse advised investors to "bet boldly" on Nvidia, setting a price target of $350 — about 67% above current levels — arguing the market underestimates Nvidia's dominance in the AI ecosystem. Dan Ives also noted that a 15% price hike on Nvidia AI servers is a positive signal for the industry, and that Micron Technology could benefit from memory shortages.

US-Canada Trade War Escalates; Auto Stocks Weaken

At press time, Ford (F) fell 3.65% to $13.88; Stellantis (STLA) declined 3.60% to $5.22.

US-Canada trade negotiations collapsed as Trump announced tariffs of 50% on Canadian automobiles, trucks, parts, and steel effective January 1 next year, with zero tariffs for vehicles manufactured in the US. Canadian Prime Minister Carney immediately pledged reciprocal retaliatory tariffs targeting the steel and dairy industries, set to take effect on September 8. With a serious rift opening in bilateral trade relations, automakers face mounting supply-chain cost pressures.

Crypto Stocks Rally Against the Tide; Strategy Jumps Over 5%

At press time, Strategy (MSTR) surged 5.39% to $125.68; Mara (MARA) climbed 3.77% to $11.69; Bit Digital (BTBT) rose 3.27% to $1.58; and Canaan (CAN) gained 4.11% to $0.37.

Elsewhere, Chinese ADR Pinduoduo (PDD) rose nearly 3% in early trading after reporting second-quarter revenue of 112.358 billion yuan, up about 8% year-on-year, with non-GAAP net profit of approximately 28.5 billion yuan — though down 13% year-on-year, it beat the market expectation of 28.023 billion yuan. On Alibaba (BABA), a Hong Kong share placement priced at HK$112.7 triggered short-term selling, but Nomura, Bank of America and other institutions maintained a positive outlook, viewing the financing as removing uncertainty. Gold-related assets also drew attention, with Citi raising its 0-to-3-month gold price target to $4,800 per ounce.