Stocks Pressured by Weakness in Chipmakers and AI-Infrastructure Stocks

The S&P 500, Dow Jones, and Nasdaq 100 have all experienced losses today, with the Nasdaq 100 reaching a 3-week low. This decline is attributed to weakness in chipmakers and AI infrastructure stocks. Additionally, the collapse of trade talks between Canada and the US has added to market concerns, leading the US to impose a 50% tariff on Canadian goods. Canada has retaliated with tariffs on US goods starting September 8.

Nvidia's earnings are expected to be a key focus this week, along with other market-moving events like the US Treasury Secretary's press conference and discussions surrounding potential US-Iran conflict escalation. Oil prices have dropped by more than 2%, reducing inflation expectations and bond yields. The 10-year T-note yield has fallen to 4.71%.

Certain sectors, such as chipmakers and AI infrastructure, have faced the most significant losses today. Companies like Sandisk, Marvell Technology, Western Digital, Micron Technology, and Seagate Technology are among the biggest losers. Intel, Lam Research, AMD, and Microchip Technology also saw declines above 3%.

In response to the tariffs imposed on Canadian steelmakers, US steel producers have seen gains. Cleveland-Cliffs and Steel Dynamics both saw increases above 5%.