[New York Stock Exchange] Stocks fall on renewed U.S.-Iran clashes, but rise for August overall

[Financial News]  

The three major New York indexes all closed lower on Aug. 31, local time.
The renewed fighting between the United States and Iran sent global oil prices sharply higher and pushed Treasury yields up, weighing on the market.
The blow to tech stocks was relatively limited, however. Tesla jumped 5.5%, and semiconductor shares also showed strength.
Even though all three major indexes fell on the day, they ended August in positive territory, extending their winning streak to five straight months.

The Dow Jones Industrial Average closed at 53,185.90, down 374.09 points, or 0.70%, from the previous session.
The Standard & Poor's (S&P) 500 fell 25.62 points, or 0.33%, to 7,686.14, while the NASDAQ dropped 31.53 points, or 0.12%, to 26,370.89.
Although the three major indexes all declined on the day, August was a strong month overall.
On a monthly basis, the Dow rose 1.34%, while the tech-heavy S&P 500 and NASDAQ jumped 2.62% and 3.93%, respectively.
The Dow has now risen for five consecutive months. The S&P 500 and NASDAQ also returned to monthly gains for the first time in three months, since May.

Treasury yields climbed as the United States and Iran resumed fighting for the first time in a month.
The yield on the 30-year U.S. Treasury, the benchmark for long-term borrowing, surged 0.044 percentage point to 5.251%. The 10-year yield, which serves as a benchmark for market rates such as mortgages and auto loans, also rose 0.034 percentage point to 4.756%.
The 2-year yield, which is more sensitive to market expectations for Federal Reserve policy, slipped 0.006 percentage point to 4.344%.

Tesla surged $19.20, or 5.51%, to close at $367.95.
According to The Motley Fool, comments from CEO Elon Musk over the weekend triggered the stock's sharp rise. Musk said that his space company SpaceX and Tesla are both rapidly securing annual solar production capacity of 100 gigawatts (GW) each.
The market was buoyed by expectations that their solar power businesses would benefit amid a severe power shortage at artificial intelligence data centers.
Tesla's gains were especially large because the company has been struggling with weak electric vehicle sales, raising hopes that its energy business could provide fresh momentum.
SpaceX also closed at $143.66, up $2.16, or 1.53%.

Semiconductor stocks rebounded after weakness over the weekend.
Industry leader NVIDIA Corporation rose $3.53, or 1.62%, to $221.08, while Micron Technology, Inc. closed at $958.97, up $26.11, or 2.80%.
Flash memory maker SanDisk Corporation jumped $84.46, or 5.69%, to $1,569.44.
Advanced Micro Devices, Inc. (AMD) gained $5.43, or 1.17%, to $471.01, and Broadcom Inc. ended trading at $370.58, up $1.79, or 0.49%.
SK hynix ADRs rose $3.58, or 2.22%, to $164.62.

[email protected] Song Kyung-jae Reporter