US: Wall St opens flat as chip stocks dip on China sales deal

[NEW YORK] Wall Street’s main indexes opened flat on Monday (Aug 11) as major chip companies slipped on the eve of a key tariff deadline after a trade policy shift that involves sharing a portion of revenue from China sales with the Trump administration.

Nvidia Corp and Advanced Micro Devices agreed to pay 15 per cent of their revenues from chip sales to China to the US government as part of a deal with the Trump administration to secure export licences.

The Dow Jones Industrial Average rose 8.8 points, or 0.02 per cent, at the open to 44,184.36.

The S&P 500 fell 0.2 points, or flat at the open to 6389.67​, while the Nasdaq Composite rose 9.6 points, or 0.04 per cent, to 21,459.654 at the opening bell. REUTERS, BLOOMBERG