Chip makers and tech stocks weighed on major U.S. indexes Monday, delivering a muted start to a busy week. Shares of Sandisk slid 6.5% and Ciena fell 6%, while Nvidia retreated 2.9%. The chip giant faced its seventh-straight day of declines, though it is expected to report record sales of $92 billion for the quarter. The S&P 500 fell 0.3%, the Nasdaq declined 0.8%, and the Dow Jones Industrial Average edged up 0.3%.

Geopolitical tensions marked the week’s beginning. Treasury Secretary Scott Bessent outlined plans to inflict an “economic D-Day” on Iran by sanctioning over 60 entities. However, analysts noted the announcement lacked substance compared to rhetoric. Meanwhile, trade tensions with Canada persisted, with President Trump threatening 50% tariffs on automobiles starting in January. Canadian Prime Minister Mark Carney promised retaliatory levies, but traders largely shrugged off these headlines as temporary assertions.

In bond markets, yields fell slightly following rumors of increased Treasury buybacks. The yield on the 10-year U.S. Treasury note settled at 4.703%, down from Friday’s close. Treasury Secretary Bessent declined to comment on potential reductions in debt auction sizes, stating the department would continue current practices until early November.