S&P 500 and Nasdaq end lower as tech stocks decline ahead of Nvidia earnings

Wall Street’s two most-watched indexes closed in the red on Monday as technology stocks dragged down the broader market. The S&P 500 fell 21.37 points, or 0.28%, to settle at 7,653.00, while the Nasdaq Composite took a harder hit, dropping 200.80 points, or 0.77%, to close at 25,979.66. The culprit was a familiar one: semiconductors. The Philadelphia Semiconductor Index, which tracks the industry’s heavyweights, slid 2.64% on the day. Chip stocks take the brunt Nvidia, the company whose earnings report has become something of a quarterly market holiday, fell 2.03% ahead of its scheduled August 26 results. Micron Technology dropped 5.76%, the sharpest decline among major semiconductor names. Broadcom shed 1.74%. Nvidia’s second-quarter fiscal 2027 earnings are expected to show revenue of roughly $92 billion and earnings per share of $2.09. Geopolitics add fuel to the fire The Trump administration announced a sweeping new sanctions package against Iran on Monday, branded “Operation Economic Outcast.” The initiative targets five key sectors and 60 specific entities, though the administration stopped short of imposing immediate penalties on major trading partners. Instead, it estab...