This Week on Wall Street

Wall Street opened the new week on a mixed note Monday, with the S&P 500 slipping 0.3% to 7,652.86 and the Nasdaq Composite dropping 0.8% to 25,980.19 as a weekend report on Nvidia raising AI-server prices knocked chip stocks lower — Micron tumbled 5.8% while Broadcom and AMD each fell more than 2% — even as the blue-chip Dow Jones bucked the slide, adding 140 points to close at 53,417.16 on a rotation into defensive names. Consumer Staples led sector gains, up 1.4%, alongside Healthcare, Financials and Communication Services, while Technology and Energy each slid more than 1% on the chip-stock pullback. Treasury Secretary Bessent's afternoon press conference unveiled a sweeping new round of Iran sanctions dubbed an economic D-Day, adding to jitters after U.S.-Canada trade talks collapsed over the weekend, though the 10-year Treasury yield eased to 4.71% and the VIX ticked up to just under 16. Attention now turns to a data- and earnings-heavy back half of the week, with Nvidia's earnings Wednesday after the close and the Fed's preferred PCE inflation report that same morning setting up new Fed Chair Kevin Warsh's debut Jackson Hole keynote Friday. With gold pushing toward $4,690 an ounce and Bitcoin extending its rally, investors are bracing for the results to reset market direction heading into September.