Stock market today: S&P 500, Nasdaq slip as tech stocks sag, US-Canada trade spat escalates

LIVE Stock market today: S&P 500, Nasdaq slip as tech stocks sag, US-Canada trade spat escalates Grace O'Donnell · Editor, Special Projects Updated Mon, August 24, 2026 at 6:03 PM GMT+2 2 min read BABA SNDK AAPL MU 688825. SS US stocks mostly slipped after the Trump administration prepared new tariffs on Canadian goods and new economic sanctions against Iran. It's gearing up to be an action-packed week featuring Nvidia ( NVDA ) earnings and the Federal Reserve's Jackson Hole Symposium.

The S&P 500 ( ^GSPC ) declined by 0. 1%, and the tech-heavy Nasdaq Composite ( ^IXIC ) dropped 0. 3%.

The Dow Jones Industrial Average ( ^DJI ) rose 0. 3% as the lone index in the green after the major indexes posted weekly declines. Investors rotated out of tech names as semiconductor stocks came under pressure.

Sandisk ( SNDK ) and Micron ( MU ) fell amid rumors that Apple ( AAPL ) is testing chips made by China's CXMT and after Alibaba ( BABA ) announced a $10. 2 billion share sale to fund its artificial intelligence efforts. Markets also remained on watch for a new economic pressure campaign against Iran on Monday.

Treasury Secretary Scott Bessent is expected to share more details at a press conference on Monday afternoon. He wrote in a Financial Times op-ed over the weekend that the measures will constitute "an economic D-Day — the single greatest financial offensive ever marshalled against an adversary. " The shift in the US's approach to the Middle East standoff comes after US-Canada trade talks broke down over the weekend, and the US imposed new tariffs on Canadian goods.

Canadian Prime Minister Mark Carney suspended negotiations and vowed to retaliate with like-for-like tariffs. On Monday, President Trump hit back at Canada, vowing to raise tariffs on Canadian autos, auto parts, and steel to 50% starting Jan. 1, 2027, sending shares of General Motors ( GM ) and Ford ( F ) lower.

Meanwhile, attention is shifting toward Nvidia, whose earnings report on Wednesday could be a pivotal moment for the artificial intelligence story that has powered the stock market and set a high bar for the AI chip king. LIVE 11 updates 2 mins ago Grace O'Donnell Tesla Cybercab to launch Sept. 3 as robotaxi bet ramps up Yahoo Finance’s Pras Subramanian reports: Tesla ( TSLA ) will unveil the production Cybercab at a launch event in Austin, Texas, on September 3.

This comes as Tesla ramps up its self-driving efforts — key to the company's big growth plans. Emailed invites to the Sept. 3 event first surfaced on X among Tesla watchers over the weekend and were confirmed by EV outlets like Teslarati .

Tesla stock fell over 2% despite unofficial confirmation of the upcoming production reveal of the two-seat, purpose-built robotaxi. Read more. 1 hr ago Grace O'Donnell Chip stocks stumble ahead of Nvidia earnings Chip stocks sold off on Monday ahead of Nvidia ( NVDA ) closely watched earnings report on Wednesday, dragging down the Nasdaq Composite ( ^IXIC ).

The PHLX Semiconductor Index ( ^SOX ) fell by over 3% as several headlines contributed downward pressure on the tech sector. Chip stocks heatmap First, Nvidia ( NVDA ) reportedly informed some of its customers that it will hike prices for AI servers by more than 15% early next year due to soaring memory chip costs. Nvidia stock dropped by over 2%, and memory chip plays Micron ( MU ), Sandisk ( SNDK ), Seagate Technology ( STX ), and Western Digital ( WDC ) all fell over 5% on concerns that higher prices could weigh on demand.

Reports over the weekend that Apple ( AAPL ) may source dynamic random-access memory (DRAM) and NAND flash memory from Chinese semiconductor companies CXMT and YMTC also weighed on memory stocks. Investors may also be positioning ahead of Nvidia earnings. As my colleague Brian Sozzi pointed out this morning, Nvidia shares have fallen in response to the company’s last four earnings results.

In a sign of the market’s high expectations, Samsung ( 005930. KS ) stock slid 8% after the company’s $80 billion shareholder return plan failed to impress the Street. Today at 3:32 PM UTC Jake Conley "Monetization" mentions are increasingly showing up in earnings call: Morgan Stanley As investors have grown increasingly concerned about the bubble-like qualities of the AI build-out — from quickly rising debt issuance to circular financing concerns — the conversation has shifted toward return on investment.

That same shift is showing up in earnings calls, Morgan Stanley's equity strategy desk, led by Nicholas Lentini, said in a quarterly survey produced by the bank. Mentions of ROI and monetization have increasingly futures in management discussions of AI, per Morgan Stanley. Chart: Morgan Stanley · Morgan Stanley In second quarter earnings calls — nearly complete for the season — "raise guidance" mentions have hit an all-time high saturation, showing up in roughly 25% of all earnings call transcripts.

Guidance raises also coincide with earnings revisions breadth, and both order book and demand outlook comments have turned more positive, "suggesting the raises are demand-led rather than cost-driven," the strategists said. But even as capacity continues to dominate AI mentions, "there's a growing number of discussions around ROI and monetization of capex spend," per the strategists. Mentions of both "ROI" and "monetization" rose quarter-on-quarter "as management teams field more questions on payback from AI investment.

" "Fundamentals are strong post 2Q EPS season," the strategists wrote. "However, there's a market-wide quality shift and it's not enough to simply beat on EPS. Stocks need to see FCF guidance rise with EPS as well.

" Today at 2:58 PM UTC Jake Conley At Jackson Hole, Kevin Warsh 'holds the ball' on US Treasury yields, says BofA The US Treasury Department under Secretary Scott Bessent has spent the last week trying to wrangle the US bond market with surprise buybacks, jawboning remarks, and threats to deploy even more firepower if yields don't come down. It hasn't mattered, as yields have bounced right back to where they were. Heading into Friday's Jackson Hole keynote speech, Federal Reserve chairman Kevin Warsh "holds the ball" on the fixed income market, according to Bank of America.

"Jackson Hole is a key risk event for the US rates market, especially the long end," wrote strategists led by Mark Cabana. The Fed, the strategists wrote, "can do its part to help contain the long end via: (1) more hawkish policy stance (2) clearer guidance on inflation outlook & reaction function. Jackson Hole is an opportune time for both shifts.

" Yields on long-term US Treasury bonds have climbed significantly since Kevin Warsh took over as chairman of the Federal Reserve. Chart: BofA Global Research · BofA Global Research After the Fed chairman's last press conference in July, following the FOMC's decision to hold rates steady, medium- and long-term bond yields immediately jumped to multi-decade highs as the market assessed a perceived lack of willingness to act by the Fed. The curve steepening in the aftermath of the meeting was almost certainly not what Warsh was looking for in keeping his opinions mute, the strategists wrote, and the Treasury's intervention signals growing worry in Washington over yield levels.

Jackson Hole, the BofA strategists wrote, gives Warsh a chance to make a change. The strategists expect the Fed chair's comments to look like those from Federal Reserve governor Lisa Cook, underlining one policy approach if disinflation continues in the near term, and another in which inflation remains stubbornly elevated. Such a move, the BofA strategists wrote, would allow the Fed chair to provide some insight into his view of the FOMC's reaction function while avoiding forward guidance — a shift the market is looking for.

"As Mike Tyson said: 'everyone has a plan until they get punched in the face,'" Cabana's team wrote. "The bond has been throwing haymakers. We expect Chair Warsh to change his communication to help contain the bond.

" Today at 2:20 PM UTC Grace O'Donnell Ford, GM stocks fall after President Trump vows to hike auto tariffs on Canada Shares of US automakers are falling after President Trump said he will raise Canadian tariffs on cars, trucks, auto parts, and steel to 50% on Jan. 1, 2027. “Build in the U.

S. and there are ZERO TARIFFS,” Trump posted on Truth Social on Monday morning. “Canada will be treated like a State no longer!

On Trade, and in other ways, also, they are among the worst Nations in the World to deal with. They feel entitled, and yet, WE DON'T NEED CANADA, THEY NEED US! ” It marked the latest escalation between the US and Canada after trade talks collapsed over the weekend.

General Motors ( GM ) stock fell over 1%, while Ford ( F ) shares declined by nearly 3%. Tesla ( TSLA ) and Stellantis ( STLA ) stocks also dropped by over 2%. Today at 1:35 PM UTC Grace O'Donnell Tech stocks lead S&P, Nasdaq lower at the open Stocks mostly opened in the red on Monday as investors awaited details on the Trump administration’s economic warfare plan for Iran and tech stocks declined.

The Dow Jones Industrial Average ( ^DJI ) rose 0. 2%, while the S&P 500 ( ^GSPC ) fell 0. 3% and the tech-heavy Nasdaq Composite ( ^IXIC ) declined by 0.

6%. Here's a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data . AlphaSpace heatmap Today at 12:56 PM UTC Grace O'Donnell Gold holds near 3-month high as debasement trade returns Gold rose on Monday as the “dollar debasement” reemerged in the wake of the Treasury’s intervention in the bond market, prompting investors to seek an alternative.

Gold futures ( GC=F ) traded at $4,720 per troy ounce, the highest level since May. Bloomberg reports: The efforts to control borrowing costs through direct intervention stoked concerns that US policy could weaken faith in the dollar and make other investments more attractive, a return to the so-called debasement theme that helped drive gold's 65% rally in 2025. A softer greenback is a tailwind for commodities priced in the currency.

Even after the unexpected announcement on Wednesday, Treasury Secretary Scott Bessent went further by saying he's prepared to expand buybacks of costlier debt. He also flagged that the administration would soon unveil a fiscal initiative to address the highest borrowing costs in years. Further driving confidence in gold, Ray Dalio, the billionaire founder of Bridgewater Associates, said in a LinkedIn post Friday that investors should reduce their bond holdings and put as much as 15% of their money in bullion to hedge against the risk of a US debt crisis.

Read more. Today at 11:51 AM UTC Grace O'Donnell Market expectations for Nvidia earnings tend to be high Nvidia ( NVDA ) stock edged lower as investors began gearing up for the company's earnings report on Wednesday. As Yahoo Finance's Brian Sozzi points out, even strong earnings reports from Nvidia haven't received a warm reception on Wall Street.

Sozzi notes that Nvidia shares have fallen in response to earnings in six of the past eight quarters, including the last four, per Yahoo Finance AlphaSpace analysis. He writes: The reality is that the market is positioned for the company to post something great and for CEO Jensen Huang to sound super bullish on the earnings call. The market also knows there is minimal downside risk to Nvidia's growing investment portfolio , given the rising valuations (see Anthropic ( ANTH.

PVT ), for example) being afforded to most privately held names in artificial intelligence. "Because many of the debates around AI infrastructure spend/return on investment and credit risk are out of NVDA's hands, we think the numbers are more important than the narrative and coming out of this call, we expect investors to gain greater confidence in … numbers that should keep the stock grinding higher," UBS analyst Tim Arcuri wrote in a note. Read more.

Today at 10:00 AM UTC Grace O'Donnell Canada sees long trade war with US that may last beyond midterms Bloomberg reports: Prime Minister Mark Carney's government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade talks collapsed, according to people familiar with the matter. The Canadian leader, who said he will prepare a domestic aid package to help businesses hurt by US tariffs, is designing those measures to ride out the balance of Trump's term if necessary, added the people, who were granted anonymity to discuss sensitive deliberations. The preparations from Carney signal the gravity of the breakdown in talks late Friday, which led Trump to impose new tariffs and Carney to announce retaliation, risking a spiraling trade fight between the two closely integrated economies.

While Carney's government sees no sign of new talks in the near future — and only a dim chance before the midterms — some of the people cautioned the situation remains fluid and the US has not ruled out a restart. Read more. Canada's Prime Minister Mark Carney walks to speak with the news media after he suspended trade negotiations with the United States, in Ottawa, Ontario, Canada Aug.

22, 2026. REUTERS/Chris Tanouye · REUTERS / REUTERS Today at 9:00 AM UTC Grace O'Donnell Good morning. Here's what's happening today.

Economic data: Chicago Fed national activity index, July (-0. 02 previously) Earnings calendar: Trip. com Group ( TCOM ) Catch up on some top stories from overnight and over the weekend: Luxury auto CEOs say there's a K-shaped economy even at the very top of the market Trump's stock disclosure shows more than 1,000 trades in June Flock CEO calls for 'compromise' as company faces growing backlash Nvidia's Q2 earnings to test resurgent AI trade Walmart isn't losing any retail war Tariff refunds are hitting retailers' wallets.

Here's what they're doing with the money. Today at 8:00 AM UTC Jared Blikre Scott Bessent just kicked the bitcoin debasement trade into another gear Bitcoin ( BTC-USD ) had its best week in more than three years as stocks fell. Scott Bessent helped light the match.

The cryptocurrency surged roughly 23% this past week, blowing through a months-long trading range as gold ( GC=F ) jumped about 5% and the dollar ( DX-Y. NYB ) fell. The S&P 500 ( ^GSPC ), meanwhile, lost ground.

BTC has surged more than 20% this week after spending months trapped below $67,000. · Yahoo Finance AlphaSpace Bessent knocked long-term yields lower. The bond market took almost all of it back.

Bitcoin and gold didn't. Coinage founder Zack Guzman said Friday on Yahoo Finance's Morning Brief that bitcoin has "established itself as a bit of a debasement trade. " "When you're talking about the government getting involved here to kind of control things, eventually that money flows to assets like bitcoin," Guzman said.

History makes this week look even stranger. There have been six previous weeks since 2015 when bitcoin gained more than 15% while stocks fell, gold rose, and the dollar declined. Read more.