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US stocks mostly slipped after the Trump administration prepared new tariffs on Canadian goods and new economic sanctions against Iran.
It's gearing up to bean action-packed weekfeaturing Nvidia (NVDA) earnings and the Federal Reserve's Jackson Hole Symposium.
The S&P 500 (^GSPC) declined by 0.3%, and the tech-heavy Nasdaq Composite (^IXIC) dropped 0.8%.
The Dow Jones Industrial Average (^DJI) rose 0.3% as the lone index in the green after the major indexes posted weekly declines.
Investors rotated out of tech names as semiconductor stocks came under pressure.
Sandisk (SNDK) and Micron (MU) fell amid rumors that Apple (AAPL) is testing chips made by China's CXMT and after Alibaba (BABA) announced a $10.2 billion share sale to fund its artificial intelligence efforts.
Markets also remained on watch for a new economic pressure campaign against Iran on Monday.
Treasury Secretary Scott Bessent is expected to share more details at a press conference on Monday afternoon.
He wrote in aFinancial Times op-edover the weekend that the measures will constitute "an economic D-Day — the single greatest financial offensive ever marshalled against an adversary." The shift in the US's approach to the Middle East standoff comes afterUS-Canada trade talks broke downover the weekend, and the US imposed new tariffs on Canadian goods.
Canadian Prime Minister Mark Carney suspended negotiations and vowed to retaliate with like-for-like tariffs.
On Monday, President Trump hit back at Canada,vowing to raise tariffson Canadian autos, auto parts, and steel to 50% starting Jan.
1, 2027, sending shares of General Motors (GM) and Ford (F) lower.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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