Market
September 1, U.S. stocks opened broadly weaker as investors rotated out of mega-cap technology names. The Dow Jones slipped 0.7%, the S&P 500 fell 0.7%, and the tech-heavy Nasdaq dropped 1.4%, as risk appetite diminished amid higher Treasury yields and fresh concerns over global growth.
Among early movers, decliners led: Tesla Motors falls 2.3% after fresh EV price cuts, Advanced Micro Devices drops 2.5% on supply fears, NVIDIA slides 1.7% despite a new AI chip launch, Amazon.com loses 2.5% as antitrust pressure builds, and Broadcom eases 1.8% following regulatory approval of its VMware deal. On the upside, TDH Holdings jumps 16.5% on a big-box retail partnership, Infobird Co., Ltd soars 14.3% after unveiling a generative-AI customer-service suite, and ProShares UltraPro Short QQQ climbs 4.2% as traders hedge tech exposure.
In broader action, MicroSectors Gold Miners 3x Leveraged ETN tumbles 11.6% with bullion under pressure, NIO Inc. sinks 5.2% on renewed China EV subsidy worries, FinVolution Group slides 5.7% after earnings, while United Microelectronics rises 3.1% on upbeat guidance and Direxion Daily Semiconductors Bear 3x Shares adds 6.0% amid the chip pullback.
News
NVIDIA cuts full-year revenue outlook after fresh U.S. export restrictions. Management warned new curbs on advanced AI chip shipments to China could shave up to $1 billion off sales. Shares fell as investors questioned growth assumptions.
Tesla Motors trims Model Y prices across North America. The surprise move aims to defend market share ahead of new EV launches from rivals. Margins are expected to compress, sending the stock down sharply at the open.
Micron Technology posts wider-than-expected quarterly loss. Memory demand remained soft and inventory levels elevated, prompting the company to guide for a slower recovery. Shares retreated despite plans to curb capital spending.
Amazon.com hit with FTC antitrust lawsuit over marketplace practices. Regulators allege the company stifles competition and raises costs for consumers. The case adds to mounting regulatory headwinds and pressured the stock in early trade.
Broadcom secures final approval for $61 billion VMware acquisition. China’s regulators granted conditional consent, clearing the way for closing next month. Investors worry about integration costs, leading to a modest share pullback.
Advanced Micro Devices unveils new AI accelerator line. While the chips boast industry-leading performance, analysts flagged rising inventory and pricing risks amid a broader semiconductor downturn, weighing on the shares.
United Microelectronics lifts Q3 revenue forecast. The foundry cited resilient demand from automotive and industrial clients, boosting its ADRs at the open and supporting select chip-equipment names.
TDH Holdings surges after announcing Walmart pet-food supply deal. The company expects the partnership to double U.S. sales within two years, sparking a double-digit jump in morning trading.
OPEC+ signals extended production cuts into winter. The move pushed crude prices higher and underpinned energy equities, though broader market weakness offset sector gains.
ISM manufacturing index slips back into contraction. The weaker-than-expected print revived recession worries and reinforced bets on a cautious Federal Reserve, contributing to the risk-off sentiment at the open.