US stocks slide as geopolitical tensions rise; chip sector rallies

US markets fell on the first trading day after Labor Day, with the Dow dropping 1.18% and over 600 points. Geopolitical instability, including US military strikes on Iranian tankers and Houthi attacks on Saudi energy facilities, pushed Brent crude near $100 per barrel. Despite the broader market decline, the chip sector surged, led by Intel's 9.05% gain and AMD's 6% rise. Investors are now focused on upcoming August CPI data and the US Treasury's long-term bond buyback program, while awaiting Apple's product launch event.