Stock Market Recap — Aug 24, 2026
Technology shares slide while Treasury buyback hopes lift bonds
Technology weakness set the tone, with the Nasdaq opening lower and semiconductor selling deepening into the close. Treasuries rallied on expectations of expanded buybacks, while trade and Iran risks produced sharper sector moves than broad market dislocation. • Rates/Gold: The 10-year yield fell toward 4.69% as reports said Treasury could use its $935 billion cash stockpile for larger buybacks; lower yields and the dollar supported gold. • Semiconductors/Credit: Nvidia dropped 2.9% for a seventh straight loss before earnings. Sandisk fell 10% and several memory and optical names lost about 8%, while Broadcom’s credit spreads widened on AI-financing guarantee concerns. • Canada/Autos: Trump threatened 50% tariffs on Canadian vehicles and parts from 2027, sending Magna down 4%. US steelmakers rallied as investors priced potential protection from imported supply. • Iran/Oil: Brent fell more than 2% despite tighter Asian supply and threats to shipping near Hormuz after expanded US sanctions caused little immediate disruption. WTI later reversed slightly higher as traders reassessed enforcement. • Crypto: Bitcoin topped $80,000 at a three-month high after spot ETFs drew $1.92 billion last week and Treasury-buyback expectations reinforced debasement trades.
Intraday Updates
- 00:00 ET: Gold rises on Treasury buybacks as Shell draws interest for US chemical assets (48 stories)
- 04:43 ET: Treasury yields and oil fall as Chinese tech slides after fundraising plans (40 stories)
- 09:38 ET: Treasuries gain while Iran threatens 46 ships near Hormuz (100 stories)
- 13:55 ET: Trump threatens 50% Canadian auto tariffs as Treasury expands Iran sanctions (100 stories)
- 18:21 ET: Nvidia logs seventh straight loss as SEC subpoenas banks over Situational Awareness (43 stories)
- 23:06 ET: Bitcoin tops $80,000 as oil reverses higher (41 stories)