Stock Market Today, Aug. 24, 2026: Dow Futures, S&P 500 and Nasdaq Live

The Dow Jones Industrial Average closed higher on Monday, Aug. 24, 2026, while the S&P 500 and the Nasdaq Composite finished lower. A sharp drop in memory and semiconductor stocks pulled down the two tech-heavy indexes. Nvidia (NVDA) closed nearly 3% lower after a report on planned price increases for servers built with its AI chips. Energy shares fell as oil prices declined despite new U.S. sanctions on Iran. A tariff threat against Canadian-made vehicles sent Detroit’s automakers lower. Bitcoin held near a three-month high as spot bitcoin exchange-traded funds drew new money.

Monday’s session opened a week built around one scheduled event: Nvidia’s quarterly results, due Wednesday after the closing bell. Selling in chips and AI infrastructure names came as traders positioned ahead of that report.

Futures Pointed Fractionally Lower After a Losing Week

Before the opening bell, futures tied to the Dow pointed fractionally lower. The previous week had ended with a rally in all three major indexes on Friday, when the Dow added more than 500 points. That gain was not enough to prevent weekly losses. For the S&P 500 and the Nasdaq, it was the first losing week in four. The Dow posted its second straight weekly decline.

Monday’s direction was set in the cash session, and the split between the indexes widened in the final hours of trading. The S&P 500 index page carries the benchmark’s level, chart and performance history.

Memory and Chip Stocks Lead the Selloff

The heaviest selling hit memory and storage stocks, a group that had been among the strongest performers of the year.

The Roundhill Memory ETF (DRAM) closed down nearly 6%. Its components, including Sandisk (SNDK), Western Digital (WDC), SK Hynix (SKHY), Micron Technology (MU) and Seagate Technology (STX), all finished sharply lower. The decline started overseas. Samsung Electronics, the fund’s largest holding, dropped nearly 9% in South Korean trading before U.S. markets opened.

Sandisk had been the S&P 500’s biggest gainer for the year. It fell about 9% at the open and led early declines in both the S&P 500 and the Nasdaq. Nvidia-backed Lumentum (LITE) and Nebius (NBIS) also lost ground, extending the pressure beyond memory makers to the wider AI infrastructure supply chain.

The broader iShares Semiconductor ETF (SOXX) closed more than 2.5% lower. Marvell Technology (MRVL), Intel (INTC), Advanced Micro Devices (AMD) and Applied Materials (AMAT) were among the components that pulled back. Around midday, Information Technology was the second-worst of the S&P 500’s 11 sectors, down about 1.1%. Only Energy was weaker at that point.

Most of the chipmakers that fell on Monday had no company-specific negative news. The declines coincided with the approach of Nvidia’s results and with the Bloomberg report on Nvidia’s server pricing. Concern over AI spending has weighed on the group before. During the July 16 session, AI spending concerns pushed the Nasdaq lower.

Nvidia Slides on Server Price-Hike Report

Nvidia’s decline followed a Bloomberg report that the company had told some of its largest customers that servers containing its AI chips would see price increases of “more than 15% in many cases.” The increases would apply to systems shipped in early 2027.

The report added to existing questions about the cost of the AI buildout for hyperscalers and other buyers. On Monday, the stocks of hardware companies around Nvidia moved lower along with Nvidia itself.

Nvidia closed nearly 3% lower. With less than an hour left in the session, it was down about 2.5% and was the biggest decliner in the Dow at that point. Nvidia is both a Dow component and the world’s most valuable listed company.

Before Monday’s session, Nvidia shares were up close to 20% for the year but almost 10% below their May highs. Worries about an AI bubble, and about whether spending on America’s AI infrastructure can continue at its current pace, had weighed on the stock and on other companies closely tied to the AI boom.

Dow Gains as Visa Leads and Mega-Caps Hold Up

The Dow’s advance came from a broad set of non-technology components. With less than an hour left in the session, two-thirds of Dow members were trading higher, with 20 of the 30 components in positive territory. Visa (V) led the index at that point with an intraday gain of about 2.7%.

Nvidia’s decline weighed more heavily on the S&P 500 and the Nasdaq Composite than on the Dow, where gains in other members offset it.

The Magnificent Seven mega-cap technology stocks finished mostly higher, which limited the S&P 500’s decline. Tesla (TSLA) was the notable exception. It ended almost 4% lower after leading the group with a gain of more than 5% on Friday. Nvidia was the other decliner of note in the group. Monday’s weakness was concentrated in the chip complex, and most of the largest technology names held up.

Nvidia Earnings: What the Market Is Watching

Nvidia is scheduled to report quarterly results Wednesday after the close. The report is the week’s most important scheduled event for stocks. The company is expected to post more than $92 billion in quarterly revenue.

The company’s record of beating estimates sets a high bar. According to Jay Woods, chief market strategist at Freedom Capital Markets, Nvidia has beaten earnings-per-share estimates in 18 of the past 20 quarters and revenue estimates in 19 of the past 20. The stock sold off after each of its last three quarterly reports.

Woods said Monday that a simple beat may not be enough. In his view, investors want another beat-and-raise quarter, with results above estimates and a higher outlook. He said they also want confirmation that the AI infrastructure spending cycle remains intact.

In its previous report, Nvidia beat expectations and raised its outlook. CEO Jensen Huang said demand “has gone parabolic” as companies race to build AI infrastructure. Revenue climbed 85% year over year, and data center sales nearly doubled.

Over the summer, Huang announced a new chip built to run AI agents on devices. The company also made progress on efforts to sell chips in China and struck deals to help finance the build-out of AI data centers.

Analysts have warned that anything short of robust results could add to the pressure that has held back the sector in recent weeks. The memory, networking, optical and semiconductor equipment stocks that fell on Monday are the names most closely tied to the AI trade Nvidia anchors. Chip stocks moved the other way the next day. The Aug. 25 session saw indexes close higher as chip stocks rebounded.

Second-Quarter Earnings Season Nears Its End

Nvidia reports at the tail end of a strong earnings season. According to a Monday note from Oppenheimer, 467 S&P 500 companies, or 94% of the index, had reported second-quarter results. Profits were up nearly 50% from a year earlier on revenue growth of 14%.

Oppenheimer counted only one of the 11 sectors, healthcare, with earnings down year over year. Healthcare was also one of five sectors where not all results were in yet. Eighteen more S&P 500 companies were expected to report during the week.

Marvell’s Expected Earnings Move

Marvell Technology reports after the close on Thursday. Based on recent options pricing, Marvell shares were seen swinging up to 10% in either direction by the end of the week. Measured from Friday’s close, a move that size would take the stock close to $261 on the upside or below $214 on the downside.

Marvell has pulled back from its June highs but remains one of the S&P 500’s top performers of 2026, with shares up nearly 180% for the year. Strong demand for AI chips and high-profile deals have driven the gain. They include a custom chip agreement with Google parent Alphabet (GOOGL) announced earlier in August.

UBS analysts told clients they expect another strong quarter, with potential for a higher full-year sales forecast. They called Marvell one of the more attractive ways to participate in custom silicon, optical connectivity and the AI infrastructure build-out. UBS still cut its price target to $300 from $340, citing the recent pullback in compute-related stocks.

Marvell was among the SOXX components that fell on Monday, and it heads into its report after the same chip-sector selling that hit memory and equipment names.

CrowdStrike’s Expected Earnings Move

CrowdStrike (CRWD) reports Wednesday after the close, the same evening as Nvidia. Options pricing implied a move of up to 8% in either direction by week’s end. From Friday’s close, that range ran from as high as about $206, near the stock’s highs earlier in the month, to below $175.

CrowdStrike shares had climbed more than 60% since the start of the year. The cybersecurity industry has largely shaken off worries that AI would disrupt it. Strong first-quarter results and a string of high-profile security incidents have lifted expectations that growing AI adoption, and the risks that come with it, will drive enterprise spending on security software.

Bank of America analysts cautioned that high expectations could make it harder for CrowdStrike to impress. They said investors would likely focus on the company’s ability to turn AI-driven security demand into sales for its Falcon platform.

Detroit Automakers Fall on Canada Tariff Threat

Shares of the Big Three U.S. automakers fell after President Donald Trump threatened higher tariffs on Canada. Trade negotiations between the two countries broke down over the weekend.

On Monday morning, Trump wrote on Truth Social that starting Jan. 1, 2027, tariffs on cars, trucks, automotive parts and steel would rise to 50%. That would double the current tariffs on Canadian-made vehicles.

General Motors (GM), Ford Motor (F) and Chrysler parent Stellantis (STLA) all have substantial manufacturing operations in Canada, mostly in Ontario. They build both complete vehicles and major components there. With less than 90 minutes left in the session, Stellantis was down about 3.5%, Ford about 3% and GM about 1%.

North American auto supply chains cross the border many times, with parts often moving back and forth before final assembly. The threatened tariff covers parts and steel as well as finished vehicles, which extends it to the cost of vehicles assembled in the U.S. The announced effective date is more than four months away.

Oil Drops Despite Iran Sanctions, and Energy Leads Sector Declines

Crude prices fell even as the Treasury Department announced new sanctions on Iran and on those that trade with it. At 4 p.m. ET, West Texas Intermediate futures, the U.S. benchmark, were down 2.2% at $85.15 a barrel. Brent crude, the global benchmark, was 2.3% lower at around $92.20.

The decline in prices indicated that traders did not expect the measures to remove much oil from the market in the near term.

The S&P 500 Energy sector was the worst performer among the index’s 11 sectors around midday. It was down about 1.5% at the time, while WTI was off about 2.5%. Energy led six sectors in negative territory at that point, and every stock in the sector was lower. Diamondback Energy (FANG), APA (APA) and Halliburton (HAL) each fell roughly 3%. Producers’ earnings track the price of crude, and Halliburton and other oilfield services firms depend on producers’ drilling budgets.

XPeng Tumbles on Weak Results and a Soft Outlook

Monday was a light day for corporate earnings. The biggest reports came from Chinese companies.

U.S.-listed shares of electric vehicle maker XPeng (XPEV) closed down 8.5% after its second-quarter results and third-quarter guidance missed analyst estimates. XPeng reported an adjusted loss of 1.29 Chinese yuan ($0.18) per American depositary share on revenue of 19.74 billion yuan ($2.73 billion). Analysts polled by Visible Alpha had expected a loss of 0.45 yuan per ADS on revenue of 20.69 billion yuan.

The outlook fell further short. XPeng guided third-quarter revenue to between 21.7 billion and 23.4 billion yuan, against analyst expectations of 27.85 billion yuan. The top of that range is well below the consensus figure. The company projected 115,000 to 121,000 vehicle deliveries for the quarter, compared with expectations of nearly 140,000.

Executives pointed to the company’s humanoid robot business. XPeng said separately that it had raised more than $900 million at a post-money valuation of more than $6.3 billion. It called the deal the largest single private capital raise in China’s embodied AI industry to date.

CEO He Xiaopeng said on the earnings call that he expects commercialization of humanoid robots to scale quickly in China and abroad once mass production begins. He said the business would generate meaningful gross profit growth. The share decline followed the misses in the car business. XPeng’s U.S.-listed shares were down 45% for the year.

Temu Parent PDD Beats on Profit, Misses on Revenue

PDD Holdings (PDD), parent of the Temu marketplace and the Chinese discount platform Pinduoduo, reported mixed second-quarter results early Monday.

Adjusted earnings came to 19.33 yuan ($2.88) per ADS, above the Visible Alpha consensus of 18.44 yuan ($2.74). Revenue rose 8% from a year earlier to 112.4 billion yuan ($16.72 billion). That was short of the 115.3 billion yuan ($17.15 billion) analysts had expected.

The shares rose about 3.5% in premarket trading after the profit beat. The gain faded during the regular session, and the stock closed about 1.5% lower.

Temu and rival Shein have been dealing with the end of the de minimis exemption in May. The rule had let imported packages worth less than $800 enter the U.S. free of taxes, duties and tariffs. It was a key part of the low-price, ship-direct model both companies used.

CEO Lei Chen said global trade and regulatory conditions have kept changing since the start of the year, creating significant challenges along with new opportunities. He said the company would work to build a platform consumers can trust over the long run. PDD’s U.S.-listed shares entered Monday down 22% for the year.

Alibaba Falls After a $10.2 Billion Share Sale

U.S.-listed shares of Alibaba (BABA) fell in premarket trading after the Chinese e-commerce and cloud company raised 80 billion Hong Kong dollars ($10.2 billion) in a secondary share placement. Alibaba said the proceeds would fund its AI ambitions. The placement issues new shares, which dilutes existing shareholders.

The capital raise comes amid intensifying competition in AI. Leading U.S. companies such as Amazon (AMZN) and Alphabet have pledged hundreds of billions of dollars in capital spending this year to build out AI infrastructure. Chinese and U.S. technology companies are committing large sums to data centers and chips. The returns on that spending are the same question facing Nvidia’s report on Wednesday.

Other Markets: Treasury Yields, Gold, the Dollar and Bitcoin

Treasury Yields Ease From Recent Highs

Treasury yields declined modestly but remained elevated, despite the government’s recent efforts to calm the bond market. The 10-year Treasury yield eased in Monday trading. The 30-year yield, which hit a nearly two-decade high of 5.34% the previous week, was recently at 5.23%, down four basis points.

Gold and the Dollar Edge Higher

Gold futures rose 0.2% to about $4,700 an ounce, near their highest level since mid-May. The U.S. dollar index, which tracks the greenback against a basket of major foreign currencies, rose 0.2% to 99.04.

Bitcoin Holds Near a Three-Month High

Bitcoin traded around $79,000 for much of the session after briefly approaching $80,000, its highest level in three months. Late in the day it was trading around $78,900, up over the prior 24 hours. The cryptocurrency had held near that level since Friday, following a series of small regulatory wins the week before. The Securities and Exchange Commission and the Commodity Futures Trading Commission are both working on frameworks that would let crypto startups operate legally in the U.S.

Spot bitcoin ETFs took in money for five straight days last week, totaling nearly $2 billion, according to Farside Investors. The funds were still in the red for the year, with about $2.8 billion in net outflows. Money had been leaving the roughly dozen spot bitcoin funds since bitcoin peaked above $126,000 in October 2025. The price then fell by half in the following months.

Citi’s Alex Saunders wrote in a Thursday report that ETF flows remain the key catalyst to watch and the most important driver of price action. He said flows had stalled since the October 2025 liquidations and that their resumption is critical for a sustained rally. Saunders said one strong week of inflows is a necessary signal but not yet a trend, especially against a year-to-date total that remains negative.

Crypto-Linked Stocks Mixed

Crypto-linked stocks moved in different directions. Robinhood Markets (HOOD), which soared nearly 14% on Friday to lead the S&P 500, finished Monday about 3.5% lower. Strategy (MSTR), which holds bitcoin as its main treasury asset, rose about 2.5% at the close and ranked among the Nasdaq-100’s top gainers. Coinbase Global (COIN) traded higher earlier in the session.

What Comes Next

The week’s calendar centers on earnings. The draft schedule lists no major economic data releases.

• Wednesday after the close: Nvidia reports quarterly results, with revenue expected above $92 billion. CrowdStrike reports the same evening.
• Thursday after the close: Marvell Technology reports.
• During the week: Eighteen more S&P 500 companies are expected to report, including several software companies and discount retailers. The retailers’ results will provide data on consumer spending at the lower end of the market.
• Jan. 1, 2027: The effective date Trump gave for raising tariffs on Canadian cars, trucks, automotive parts and steel to 50%.

Last week’s losses for all three indexes followed a pattern seen earlier in the summer. In the July 17 session, the S&P 500, Dow and Nasdaq closed lower and posted weekly losses.