Wall Street closed the week mixed as a broad selloff in semiconductor stocks offset gains elsewhere, with investors bracing for Nvidia's earnings and key inflation data.
The S&P 500 slipped 0.28% to 7,652.86 points, while the Nasdaq Composite fell 0.76% and the Dow Jones Industrial Average edged up 0.26%. Micron fell nearly 6% on reports the Trump administration may allow Apple to source memory chips from Chinese suppliers. Nvidia dropped for a seventh consecutive session, its longest losing streak since 2022, after some major clients were notified of price increases exceeding 15% on AI-related products. Nvidia reports results Wednesday.
Treasury yields retreated, with the 10-year note falling to 4.70%. President Donald Trump announced the US will raise tariffs on Canadian vehicles and steel to 50% from January 2027. Fed chair Kevin Warsh is scheduled to speak at Jackson Hole later this week.