US Stock Market Today: Wall Street's main indexes traded mixed on Monday, Aug. 11, as investors prepared for a busy week and chip companies swung after agreeing to share a portion of revenue from China sales with the US under a trade policy shift from the Trump administration.
Markets also sought clarity on the sector tariffs US President Donald Trump had announced. The Dow Jones Industrial Average fell 63.86 points, or 0.14%, to 44,109.53, the S&P 500 gained 0.84 points, or 0.01%, to 6,390.29, and the Nasdaq Composite added 1.42 points, or 0.01%, to 21,451.44.
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Seven of the 11 major S&P 500 sectors slipped, while healthcare gained 0.6%, recovering some of the 5% declines it had logged so far this year. Traders took a step back after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month.
Investors expect that the recent shakeup at the US Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism.
Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. In earnings, Micron raised its forecast for fourth-quarter revenue and adjusted profit, sending its shares up 3.4%. The broader chips index added 1%. Intel was up 4.9% after some reports suggested that CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his resignation last week.
Wall Street opening bell
Wall Street's main indexes opened flat as major chip companies slipped on the eve of a key tariff deadline after the trade policy shift that involves sharing a portion of revenue from China sales with the US government.
The Dow Jones Industrial Average rose 8.8 points, or 0.02%, at the open to 44,184.36. The S&P 500 fell 0.2 points, or flat at the open to 6389.67, while the Nasdaq Composite rose 9.6 points, or 0.04%, to 21,459.654 at the opening bell.
US chip stocks today
According to Reuters, semiconductor giant Nvidia and Advanced Micro Devices wobbled in early trading and were last marginally higher after a US official said the companies had agreed to give the United States government 15% of revenue from sales of their advanced computer chips to China.
Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year - which expires on Tuesday - and markets will keenly watch how the latest development impacts the relationship between the world's two largest economies.
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