US stocks ended mixed on Monday, with technology shares weighing on the S&P 500 and Nasdaq as investors turned cautious ahead of Nvidia’s earnings, US inflation data and Federal Reserve Chair Kevin Warsh’s speech at Jackson Hole.
The Dow Jones Industrial Average rose 140.15 points, or 0.26%, to 53,417.16 while the S&P 500 fell 21.51 points, or 0.28%, to 7,652.86. The Nasdaq Composite dropped 200.26 points, or 0.76%, to 25,980.19.
Chip stocks came under pressure, with Nvidia falling 2.9%, Micron Technology down 5.8% and Broadcom losing 2.6%. The Philadelphia Semiconductor index also declined.
Technology sentiment was further hit by growing political opposition to AI data centres, with concerns over their rising electricity demand and pressure on power grids.
“The bigger worry we have is the hawkish rhetoric we’re starting to hear from politicians on AI and data centers,” said Ohsung Kwon, chief equity strategist at Wells Fargo. “We’ve been highlighting that as a big risk heading into the midterms.”
Investors are also watching developments involving Iran after the Trump administration signalled a possible expansion of secondary sanctions on countries doing business with Tehran.
Attention now turns to Nvidia’s quarterly results, due later this week, with investors looking for signs that AI-driven growth remains strong.
The Personal Consumption Expenditures report, the Federal Reserve’s preferred inflation gauge, is due on Wednesday, followed by Warsh’s Jackson Hole speech on Friday, where markets will look for clues on the US interest rate outlook.
The 30-year US Treasury yield remained above 5% after recently reaching a 19-year high, adding another source of pressure for equities.
