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S&P 500 dips 0.14% as Iran-US tensions offset AI chip gains

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S&P 500 dips 0.14% as Iran-US tensions offset AI chip gains

The S&P 500 fell 0.14% and the Dow Jones Industrial Average dropped 164.46 points to 53,567.95 on Monday as US-Iran tensions weighed on investor sentiment. Micron Technology rose 4.5% and Sandisk rose 6.7% after Anthropic forecast 2028 revenue of roughly $190 billion to $200 billion. Brent crude futures added about 0.4% while the Nasdaq Composite finished nearly flat.

Key Facts

  • The Dow Jones Industrial Average fell 164.46 points, or 0.31%, to 53,567.95 at 09:40 a.m. ET on Monday.
  • The S&P 500 lost 10.71 points, or 0.14%, to 7,775.01, while the Nasdaq Composite shed 2.43 points, or 0.01%, to 26,726.73.
  • Micron Technology rose 4.5% and Sandisk rose 6.7% after Reuters reported that Anthropic forecast 2028 revenue of roughly $190 billion to $200 billion.
  • Brent crude futures gained about 0.4% and the S&P 500 energy index rose 0.2% after a senior Iranian official told Reuters Tehran will escalate tensions in the Strait of Hormuz if diplomacy fails.
  • Nvidia shares rose 0.2% ahead of results next week, with the S&P 500 having closed at a record peak on Thursday after soft inflation data reduced odds of a Federal Reserve rate hike.

US Index Performance

At 09:40 a.m. ET on Monday, the Dow Jones Industrial Average fell 164.46 points, or 0.31%, to 53,567.95. The S&P 500 lost 10.71 points, or 0.14%, to 7,775.01, and the Nasdaq Composite shed 2.43 points, or 0.01%, to 26,726.73. Declines in UnitedHealth and McDonald's weighed on the Dow. Technology stocks on the S&P 500 rose 0.1%, limiting broader declines and keeping the Nasdaq nearly flat. The S&P 500 had closed at a record peak on Thursday after soft inflation data helped traders dial back odds of a Federal Reserve rate hike at its September meeting.

AI Forecast and Chipmakers

Micron Technology rose 4.5% and Sandisk rose 6.7%, taking the lead among chipmakers. Reuters reported on Friday that Anthropic, preparing for its IPO, forecast 2028 revenue of roughly $190 billion to $200 billion, according to two people familiar with the company's financials. Nvidia shares rose 0.2% ahead of results next week, with markets watching the world's most valuable company for signs on whether tech-driven momentum can last. Danni Hewson, head of financial analysis at AJ Bell, said more clarity on AI investments and the source of returns was allaying immediate fears of an AI boom-bust.

Iran-US Tensions

A senior Iranian official told Reuters that Tehran will escalate tensions in the Strait of Hormuz and the wider region if diplomacy with the United States fails, pointing to an Iranian policy shift relying on offense rather than defense. Brent crude futures gained about 0.4%, while the S&P 500 energy index rose 0.2%. David Morrison, senior market analyst at Trade Nation, said investors had not priced in a conflict lasting into late summer.

1 source

S&P 500 dips 0.14% as Iran-US tensions offset AI chip gains

reuters.com

Reuters Business