Rout in Chipmakers Weighs on Broader Market

The S&P 500 Index ($SPX) (SPY) is down by -0.27% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -1.00%. E-mini S&P futures (ESU26) are down -0.26%, and September E-mini Nasdaq futures (NQU26) are down -1.05%.

Stock indices are mixed today, with the Nasdaq 100 falling to a 3-week low. The broader market is under pressure today amid the weakness in chipmakers and AI-infrastructure stocks. Also, weighing on market sentiment was the collapse of trade talks late last Friday between Canada and the US, prompting the US to apply a 50% tariff on about $20 billion of Canadian goods. Canada announced retaliation on US goods that will take effect on September 8.

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Stock losses are limited as crude oil prices are down more than -2%, pushing inflation expectations and bond yields lower. The 10-year T-note yield is down -3 bp to 4.70%.

Today's US economic news showed the July Chicago Fed national activity index fell -0.14 to -0.08, slightly stronger than expectations of -0.09.

Markets await a press conference later today from US Treasury Secretary Bessent, who will detail plans to isolate Iran's economy. Mr. Bessent told the Financial Times that "The world should realize that our objective is to sever every economic lifeline that sustains the tyrannical regime until Iran stands alone." Iran's secretary of the Supreme National Security Council responded by saying, "Iran will regard any country's participation in or support for America's economic war against the Iranian people as an act of war and not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf."

Oct WTI crude oil prices (CLV26) are down more than -2% today after Axios reported that about 40 tankers transited out of the Strait of Hormuz last Friday night, transporting around 16 million bbl of crude. Also, the Joint Maritime Information Center cut the threat level for shipping in the Gulf of Oman to "moderate," one step lower than the previous assessment. The moderate assessment means the threat of attack on shipping off the coast of Oman is possible but not likely.