TL;DR

Tech selloff hit Nasdaq; U.S. eyes Intel stake via CHIPS Act; Powell’s Jackson Hole speech in focus.

Highlights

• Nasdaq 100 fell 1.4% as Nvidia dropped 3.5% (breaking below 20-day MA), Palantir slid 9% on short-seller report, and Arm Holdings lost 5%; Microsoft and Meta also declined 1.
• Treasuries firmed ahead of Fed Chair Powell’s Jackson Hole speech as traders weighed policy risk amid tech volatility 1.
• U.S. negotiating for a 10% non-voting equity stake in Intel via $7.9B CHIPS Act grants; similar deals considered for TSMC , Micron , and Samsung 3.
• Intel shares jumped ~7% on news of potential government backing and separate $2B SoftBank capital injection 3.
• Toll Brothers beat Q3 earnings and revenue estimates, raised delivery targets, but backlog fell 10%; shares trimmed losses after initial drop 8.
• President Trump publicly pressured Fed Chair Powell for rate cuts, blaming high rates for housing market weakness; Treasury Secretary Bessent echoed concerns 7.
• Ninth Circuit paused a federal land swap critical for Rio Tinto /BHP ’s Resolution Copper mine in Arizona, delaying a major U.S. copper project 6.
• FDA warned Walmart shoppers of possible Cesium-137 in certain frozen shrimp lots; Indonesian supplier banned pending review 5.
• Keysight Technologies topped Q3 estimates and guided for steady Q4 growth, citing resilient demand 9.
• White House launched an official TikTok account as ByteDance faces a U.S. divest-or-ban deadline 10.
• Director of National Intelligence revoked 37 security clearances over alleged politicization, escalating tensions between Trump and intelligence officials 12.
• Israel prepared for a Gaza City offensive, calling up 60,000 reservists, raising geopolitical risk in the region 4.

Commentary

Tech led today’s market decline, with Nvidia ’s 3.5% drop and Palantir ’s 9% slide triggering a 1.4% loss in the Nasdaq 100. The retreat in AI and semiconductor names, alongside weakness in Microsoft and Meta , highlights increased scrutiny of valuations and sensitivity to policy uncertainty ahead of Powell’s Jackson Hole speech. The move into Treasuries reflects a defensive tilt as traders position for potential Fed signals 1.

The U.S. government’s plan to convert $7.9B in CHIPS Act grants into a 10% non-voting stake in Intel —and possible similar arrangements for TSMC , Micron , and Samsung—marks a notable shift in federal involvement in the semiconductor sector. Intel shares rallied on the news, but the broader implications include heightened regulatory risk and a new dynamic for capital allocation in the industry 3.

Housing remains bifurcated: Toll Brothers posted strong results and raised delivery guidance, but a drop in backlog and ongoing affordability concerns persist 8. President Trump’s direct pressure on Powell for rate cuts underscores the political focus on housing and could increase market sensitivity to Fed communications this week 7.

Elsewhere, the pause on the Resolution Copper mine project delays a significant domestic supply boost for a key industrial metal 6, while Israel’s military preparations in Gaza add to geopolitical risk, particularly for energy and defense 4. The FDA’s shrimp warning 5 and the White House’s TikTok move 10 are notable for sector-specific regulatory and policy risk but do not appear to be market movers near-term.

Traders should monitor tech sector flows, semiconductor policy headlines, and Fed commentary for direction. Defensive positioning and close attention to rate-sensitive sectors and geopolitical developments are warranted.