U.S. stocks closed mixed on August 24, with the three major indexes heading in different directions. The Nasdaq Composite fell roughly 0.6%, weighed down by a broad semiconductor sell-off; the S&P 500 slipped about 0.3%; while the Dow Jones Industrial Average managed a modest gain. On the macro front, Treasury Secretary Bessent unveiled a sweeping sanctions plan targeting Iran's global financial network, covering digital assets, gold, aviation, and shipping, and involving nearly 60 entities and individuals. Meanwhile, the U.S.-Canada trade war escalated further, with Trump announcing a hike in tariffs on Canadian automobiles and steel to 50%, prompting Canada to declare reciprocal retaliatory measures.

Across sectors, semiconductors weakened across the board — Nvidia fell nearly 3% ahead of its earnings report, while Intel and TSMC also slid. Auto stocks were pummeled by the tariff news: Ford dropped over 3%, XPeng tumbled more than 8% after disappointing earnings, and NIO fell nearly 6%. On the upside, Walmart bucked the trend, rising nearly 3% to lead consumer names; Snap soared over 5% in a standout performance; and Apple edged up 0.32%, showing relative resilience.

Semiconductor Sector Sells Off Broadly — Nvidia Drops Nearly 3% Ahead of Earnings

At the close, Nvidia (NVDA) fell 2.91% to $208.48 on turnover of roughly $27.8 billion, topping the market's trading volume leaderboard. Intel (INTC) dropped 3.14% to $87.25; TSMC (TSM) shed 3.11%; and IREN declined 4.94%.

Nvidia is set to report its latest quarterly results on August 26, with the market divided over the growth trajectory of its data center business. Cantor Fitzgerald analyst C.J. Muse urged investors to "swing big" on Nvidia, maintaining a price target of $350 — roughly 67% above current levels — arguing that the market underestimates Nvidia's dominance in the AI ecosystem and its financial engineering strategy. Separately, Micron Technology (MU), a key HBM supplier to Nvidia, could see its stock rally sharply after Nvidia's earnings, according to analysts, given that its production capacity is fully sold out and supply remains tight. On the flip side, reports that certain cloud service providers are developing custom AI chips have stirred concerns about Nvidia's long-term market share.

Auto Stocks Slammed by Tariff News — Ford Down Over 3%, XPeng Plunges Over 8%

At the close, Ford Motor (F) dropped 3.33% to $13.93; NIO (NIO) fell 5.83% to $4.36. Among Chinese electric vehicle names, XPeng (XPEV) tumbled 8.21%.

Trump announced that effective January 1, 2027, tariffs on imported Canadian automobiles, trucks, parts, and steel will be raised to 50%, while vehicles manufactured in the U.S. would enjoy zero tariffs. The move follows the breakdown of U.S.-Canada trade negotiations, with Trump accusing Canada of taking advantage of the U.S. and causing massive trade deficits. Canadian Prime Minister Carney swiftly announced reciprocal retaliatory tariffs targeting the steel and dairy industries, set to take effect on September 8. As for XPeng, its latest earnings revealed losses and deliveries that missed expectations, and news of its robotics unit's fundraising failed to restore market confidence.

Walmart Bucks the Trend, Gains Nearly 3%; Snap Surges Over 5%

At the close, Walmart (WMT) rose 2.69% to $106.49 on turnover of roughly $3.6 billion; Apple (AAPL) edged up 0.32% to $310.34; Snap (SNAP) surged 5.53% to $5.53; while Palantir (PLTR) declined 2.25% to $175.89.

In other notable moves, Citi raised its 0-3 month gold price target to $4,800/oz, up from $4,500 previously, while maintaining its 6-12 month target at $5,000. Moderna (MRNA) fell 4.30% to $138.89. Iran warned that if the U.S. dares to act, it should expect a counterstrike. Markets are pricing in a 58% probability that the Federal Reserve will leave rates unchanged in September.

Top 10 by Trading Volume

Nvidia (NVDA) $208.48, -2.91%, turnover ~$27.8B
Apple (AAPL) $310.34, +0.32%, turnover ~$10.1B
Intel (INTC) $87.25, -3.14%, turnover ~$8.3B
SpaceX (SPCX) $135.00, -1.44%, turnover ~$8.1B
Palantir (PLTR) $175.89, -2.25%, turnover ~$6.1B
Moderna (MRNA) $138.89, -4.30%, turnover ~$4.3B
Walmart (WMT) $106.49, +2.69%, turnover ~$3.6B
BitMine Immersion (BMNR) $24.14, +5.74%, turnover ~$1.6B
IREN (IREN) $39.81, -4.94%, turnover ~$1.2B
UiPath (PATH) $16.57, +1.10%, turnover ~$1.0B