Typhoon Kalmaegi has left at least five people dead and caused widespread damage after making landfall in central Vietnam on Thursday evening.
Three of the fatalities were recorded in Dak Lak Province, while the other two were in the neighboring Gia Lai Province. Both are inland provinces.
The typhoon has also brought torrential rains and powerful winds to the coastal city of Quy Nhon and neighboring regions, uprooting trees, damaging roofs, and shattering glass windows of buildings in several localities.
According to preliminary reports from local authorities, 52 houses collapsed and 2,593 others were damaged across the region.
Power, water and internet outages have been reported in most areas of Quy Nhon, along with severe traffic disruptions.
Local authorities are continuing to assess the damage and carry out recovery efforts.
The Vietnamese government has evacuated around 350,000 residents of 100,000 households from coastal areas, where schools have been closed and most stores have shut down.
According to the country's Ministry of Agriculture and Environment, the typhoon weakened into a tropical depression early Friday morning before further dissipating into a low-pressure area over southern Laos.
Typhoon Kalmaegi kills 5 in central Vietnam
U.S. stocks closed mixed on Monday as a sharp sell-off in semiconductor equities dragged down the technology sector, while investors digested new U.S. economic sanctions announced against Iran and fresh trade tariff warnings targeting Canada.
The Dow Jones Industrial Average rose 140.15 points, or 0.26 percent, to 53,417.16. The S and P 500 sank 21.51 points, or 0.28 percent, to 7,652.86. The Nasdaq Composite Index shed 200.264 points, or 0.77 percent, to 25,980.19.
Eight of the 11 primary S and P 500 sectors ended in the green, with consumer staples and financials leading the gainers by going up 1.76 percent and 1.24 percent, respectively. Meanwhile, technology and energy led the laggards by losing 1.59 percent and 0.76 percent, respectively.
The tech sector's pullback stemmed from broad weakness across chipmakers. Memory and semiconductor shares came under heavy pressure following weekend reports that graphics processor leader Nvidia plans to implement price hikes across select AI server configurations. SanDisk, Western Digital, SK Hynix, Micron Technology and Seagate Technology all finished lower.
Geopolitical developments dominated macroeconomic headlines as U.S. Treasury Secretary Scott Bessent on Monday threatened Iran with "an economic D-Day," announcing a wave of new sanctions aimed at further isolating the country.
On the trade front, U.S. President Donald Trump escalated trade frictions with Canada, announcing intentions to raise tariffs on Canadian cars, automotive parts and steel to 50 percent effective Jan. 1, 2027. The announcement weighed on domestic automotive equities, pulling shares of General Motors and Ford lower.
In corporate earnings disclosures, U.S.-listed shares of Chinese e-commerce firm PDD and electric vehicle maker XPeng declined 1.48 percent and 8.53 percent, respectively, following their latest quarterly financial reports.
Market attention is now converging on two critical catalysts later this week: Nvidia's highly anticipated second-quarter earnings release on Wednesday, expected to serve as a vital referendum on the ongoing AI investment cycle, and Federal Reserve Chair Kevin Warsh's scheduled address at the central bank's annual Jackson Hole Economic Policy Symposium.
U.S. stocks close mixed as chip stocks sink
