The Nasdaq Composite fell 0.76% to 25,980.19 on Aug. 24 as Nvidia extended its losing streak to seven straight sessions ahead of Wednesday's earnings. The Dow Jones Industrial Average bucked the retreat, gaining 0.26% as defensive stocks offset weakness in tech and energy shares.
The Nasdaq Composite dropped 0.76% to 25,980.19, weighed down by a seventh consecutive losing session for Nvidia. The S&P 500 also slipped, while the Dow Jones Industrial Average moved higher as investors rotated into defensive names.
Nvidia's losing streak deepens
Nvidia fell 2.9% to $208.48 as investors reduced risk ahead of the chipmaker's earnings on Wednesday.
Weekend reports that some Nvidia chip customers may face a 15% price hike added to the caution. Memory stocks, including Micron Technology and Sandisk, also tumbled after another Chinese memory-chip firm filed for an IPO in Shanghai.
Dow gains as defensive stocks lead
The Dow Jones Industrial Average gained 0.26% to 53,417.16, outperforming as defensive buying countered the tech retreat.
The S&P 500 dropped 0.28% to 7,652.86.
Consumer defensive stocks were the day's top gainer as energy and technology shares fell. Expedia Group gained as investors continued to digest strong earnings and analyst upgrades from earlier this month.
Safe havens climb amid geopolitical uncertainty
Gold rose 0.76% to $4,650.64 as of the U.S. market close. The 10-year Treasury yield fell 0.03% to 4.70%. Oil prices fell slightly as traders weighed U.S. plans for heightened Iran sanctions. Canadian imports and exports came into focus after tariff negotiations between Canada and the U.S. failed.
Source: The Motley Fool
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