The Dow Jones Industrial Average climbed at midday on Aug. 24 while the Nasdaq Composite slipped as chip stocks weakened. Investors rotated toward blue chips amid lingering bond-market jitters and uncertainty over U.S. sanctions on Iran, with a week of major tech earnings and the Jackson Hole symposium ahead.
As of 11:37 AM ET, the Dow Jones Industrial Average rose 0.27% to 53,419.17. The S&P 500 fell 0.23% to 7,656.50. The Nasdaq Composite slipped 0.44% to 26,066.56 as tech-sector volatility offset blue-chip gains.
Gold also advanced, rising 1.20% to $4,671.09. The 10-Year Treasury yield eased 0.04% to 4.69%. Communication services and financials led sector gainers, while technology, energy, and industrial stocks lagged.
Applied Optoelectronics plunged 11% this morning after announcing a $600 million equity offering. PDD Holdings, the parent of Pinduoduo and owner of Temu, rose and then fell following its quarterly earnings. Nvidia slid ahead of this week's earnings report.
Last week's bond market sell-off and uncertainty over what shape U.S. sanctions against Iran might take continue to pressure markets. The Dow held strong while semiconductors weighed on the Nasdaq this morning, suggesting investors rotated out of riskier tech names and into blue chips.
This week brings high-stakes earnings from Nvidia, CrowdStrike, and Marvell Technology, plus fresh inflation and consumer confidence data. The annual Jackson Hole Economic Symposium convenes in Wyoming, where Federal Reserve Chair Kevin Warsh is due to speak on Friday.
Source: The Motley Fool
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