Market

August 24, U.S. stocks opened mixed as the Dow Jones rose 0.06%, the S&P 500 slipped 0.26% and the Nasdaq Composite fell 0.57%, with investors cautious amid higher Treasury yields and ahead of a key Federal Reserve speech that could clarify the rate path.

Tradr 2X Long SNDK Daily ETF falls 16.2%, Applied Optoelectronics drops 16.0% after warning on datacenter demand, SanDisk Corp. loses 8.0% on memory-chip price concerns, SK hynix slides 5.3%, Marvell Technology retreats 4.8%, Micron Technology declines 4.7%, ProShares UltraPro QQQ sheds 2.9% and XPeng Inc. slips 3.1% as the tech sell-off broadens.

On the upside, Planet Green holdings Corp jumps 16.7% on retail-trader interest, Cango Inc. soars 10.3% after upbeat vehicle sales guidance, Direxion Daily Semiconductors Bear 3x Shares gains 7.1% as investors hedge chips, United Microelectronics advances 5.5% on record revenue, KE Holdings Inc. adds 2.5% on housing-market stimulus hopes, while Coinbase Global, Inc. and SPDR Gold ETF rise about 1.3% on crypto and safe-haven bids.

News

Applied Optoelectronics cuts Q3 revenue outlook, shares sink 16%. Management cited an unexpected pause in hyperscale customer orders, stoking fears of a deeper demand slowdown in optical networking gear.

SanDisk Corp. slides 8% after peers slash NAND pricing. Competitors' aggressive discounts raised concerns over margin pressure ahead of the storage maker’s fiscal Q4 results.

Marvell Technology down 5% on delayed AI chip shipments. Supply-chain checks suggest a top customer pushed out orders, prompting analysts to trim near-term earnings estimates.

Direxion Daily Semiconductors Bear 3x Shares rallies 7%. Traders piled into bearish chip ETFs as sector weakness deepened, driving volumes to triple the 20-day average.

Coinbase Global, Inc. gains 1% as Bitcoin tops $70,000. Renewed inflows into spot crypto ETFs lifted trading volumes and fueled optimism about fee income growth.

SPDR Gold ETF adds 1% on flight to safety. Rising geopolitical tensions and higher real yields spurred demand for bullion-backed funds.

Tesla Motors slips 1% after new round of U.S. Model Y price cuts. Analysts warned the move could pressure margins but bolster volume ahead of next month’s delivery update.

Apple edges up 0.4% on bullish analyst note. Morgan Stanley reiterated its Overweight rating, citing robust iPhone 18 preorder trends and Services growth momentum.

PDD Holdings Inc climbs 0.6% on strong shopping-festival data. The e-commerce giant reported record single-day gross merchandise value, easing concerns over China demand.

United Microelectronics surges 5% after posting record July sales. The chip foundry also raised its third-quarter revenue forecast, defying the broader semiconductor slump.