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Chipmaker Selloff Overshadows Bessent's Iran Plan on Wall Street | Closing Bell
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August 24, 2026
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9:35Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Emily Graffeo, Norah Mulinda and Tim Stenovec.
Wall Street kicked off the week on a cautious note, with a selloff in chipmakers outweighing an oil drop as traders parsed Treasury Secretary Scott Bessent’s plan to isolate Iran from the global economy.
Just days ahead of Nvidia Corp.’s earnings, semiconductor giants sank. The company’s shares fell for a seventh straight session, the longest slump since 2022. While the firm’s results may serve as a reminder of its commanding lead, the sector was rattled by a news report that some of the chipmaker’s biggest customers have been notified about AI-related price hikes above 15%. An ETF tracking memory shares slipped 5.9%. The Nasdaq 100 lost 1%.
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