Wall Street finished mixed on Monday as another decline in semiconductor stocks weighed on the broader market, offsetting some relief from lower Treasury yields.
The S&P 500 fell 0.28% to 7,652.86, while the Nasdaq Composite dropped 0.76% to 25,980.19. The Dow Jones Industrial Average bucked the trend, gaining 140.15 points, or 0.26%, to 53,417.16.
Semiconductors led the weakness, with the iShares Semiconductor ETF falling 2.7%. Micron Technology dropped 5.8%, AMD declined more than 3% and Broadcom lost more than 2%. Sandisk fell 6%, while Seagate Technology shed 6.5%.
Nvidia declined 2.9% ahead of its quarterly results on Wednesday US time, which will be closely watched for further indications of demand for AI infrastructure. Marvell Technology is due to report the following day.
Trade policy also returned to focus after President Donald Trump announced the US will increase tariffs on Canadian cars, trucks, automotive parts and steel to 50%, effective January 1, 2027.
Australian Market Outlook
Australian shares are set to edge higher, with S&P/ASX 200 futures up 13 points, or 0.1%, to 9,055 despite the mixed session on Wall Street.
Locally, the Reserve Bank will release the minutes from its latest policy meeting at 11.30am AEST, providing further detail on the board’s assessment of inflation and interest rates. RBA head of domestic markets David Jacobs will speak in Sydney at 2pm AEST.
The August reporting season also remains busy. Coles, Woodside Energy, Viva Energy, Scentre, Fisher & Paykel Healthcare, G8 Education, Monadelphous, Tyro Payments, Australian Ethical, AUB, Abacus and Dalrymple Bay Infrastructure are among the companies scheduled to report on Tuesday.
