Semis & AI Drag Nasdaq Lower as Bessent Scrambles on Yields, Iran, and the Debasement Trade Explodes

The Dow managed a small gain while the S&P slipped modestly and the Nasdaq dropped harder, dragged down by another ugly day in semiconductors and the broader AI complex. Nvidia extended its losing streak to seven sessions ahead of Wednesday’s earnings. Two big moves from Treasury Secretary Bessent set the tone across asset classes. First,…