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US stocks mostly slipped after the Trump administration prepared new tariffs on Canadian goods and new economic sanctions against Iran. It's gearing up to be an action-packed week featuring Nvidia (NVDA) earnings and the Federal Reserve's Jackson Hole Symposium.

The S&P 500 (^GSPC) declined by 0.3%, and the tech-heavy Nasdaq Composite (^IXIC) dropped 0.8%. The Dow Jones Industrial Average (^DJI) rose 0.3% as the lone index in the green after the major indexes posted weekly declines.

Investors rotated out of tech names as semiconductor stocks came under pressure. Sandisk (SNDK) and Micron (MU) fell amid rumors that Apple (AAPL) is testing chips made by China's CXMT and after Alibaba (BABA) announced a $10.2 billion share sale to fund its artificial intelligence efforts.

Markets also remained on watch for a new economic pressure campaign against Iran on Monday. Treasury Secretary Scott Bessent is expected to share more details at a press conference on Monday afternoon. He wrote in a Financial Times op-ed over the weekend that the measures will constitute "an economic D-Day — the single greatest financial offensive ever marshalled against an adversary."

The shift in the US's approach to the Middle East standoff comes after US-Canada trade talks broke down over the weekend, and the US imposed new tariffs on Canadian goods. Canadian Prime Minister Mark Carney suspended negotiations and vowed to retaliate with like-for-like tariffs.

On Monday, President Trump hit back at Canada, vowing to raise tariffs on Canadian autos, auto parts, and steel to 50% starting Jan. 1, 2027, sending shares of General Motors (GM) and Ford (F) lower.

Meanwhile, attention is shifting toward Nvidia, whose earnings report on Wednesday could be a pivotal moment for the artificial intelligence story that has powered the stock market and set a high bar for the AI chip king.