S&P 500, Nasdaq end down on tech stocks

The S&P 500 and Nasdaq saw declines on Monday as technology stocks pressured the indexes, amid worries over fresh US economic sanctions on Iran and upcoming earnings reports. The Trump administration announced potential sanctions against Iran but stopped short of enforcement. Major tech firms like Nvidia, Micron Technology, and Broadcom all saw declines.

Nvidia dropped 2.9 percent, Micron Technology fell 5.8 percent, and Broadcom slipped 2.6 percent. This decline in tech stocks was exacerbated by growing opposition to AI data centers. Texas Governor Greg Abbott warned that data center companies had "dug their own grave" and deserved the backlash they were facing due to lack of community support.

Despite these setbacks, financials like JPMorgan Chase and Visa managed to gain, helping to stabilize the Dow. The S&P 500 closed 0.3 percent lower at 7,652, the Nasdaq Composite fell 0.8 percent to 25,980, while the Dow Jones Industrial Average edged up 0.3 percent to 53,417. Investors will be watching for clues from Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium on how he perceives the Treasury's efforts to address ballooning government debt.

Nvidia's upcoming earnings report is also expected to be a key driver for the market, as any signs of slowing growth could reignite concerns about stretched valuations.