Market
August 3, U.S. stocks opened mixed, with the Dow Jones up 1.2%, the S&P 500 adding 0.4%, and the Nasdaq edging 0.2% higher as investors weighed upbeat Big Tech earnings against a deepening pullback in semiconductor names.
Universe Pharmaceuticals Inc. rockets 121.8% after announcing a strategic partnership; ServiceNow gains 4.1% on an earnings beat; Amazon.com rises 3.7% following a stronger Prime outlook; Microsoft adds 3.2% after unveiling new AI tools; Alibaba advances 3.4% on cloud unit news. On the downside, Micron Technology falls 5.8% after guiding lower, SanDisk Corp. loses 6.2%, and Direxion Daily Semiconductors Bull 3x Shares slides 8.9% as chip sentiment worsens.
Elsewhere, Advanced Micro Devices drops 3.1% amid GPU delay reports, Intel declines 3.8%, and Taiwan Semiconductor Manufacturing slips 1.1%; Alphabet gains 2.2%, Tesla Motors climbs 0.9%, Palantir Technologies rises 1.0%, while United Microelectronics tumbles 7.5%. Shipping play ZTO Express is up 2.3% and Chinese EV maker XPeng Inc. falls 3.9% as sector rotation continues.
News
Micron Technology cuts revenue outlook; shares slide. The memory maker trimmed its fiscal-Q4 guidance citing soft enterprise demand, sending the stock down sharply and pressuring the broader chip complex.
Amazon.com raises Prime fees; stock jumps. The e-commerce giant said higher membership pricing will boost margin expansion, prompting several analysts to lift price targets.
Microsoft debuts custom AI accelerator; shares rally. New in-house silicon is expected to reduce cloud costs and deepen the company’s competitive moat in artificial intelligence services.
ServiceNow tops expectations; lifts full-year forecast. Subscription growth and expanding operating margins drove a double-digit earnings beat, fueling a post-earnings surge.
Universe Pharmaceuticals secures distribution deal; soars. The traditional medicine supplier inked a multi-year agreement with a major U.S. drugstore chain, igniting speculative buying.
Alibaba wins green light for cloud spin-off; ADRs climb. U.S.-listed shares gained after Chinese regulators approved the long-awaited separation, paving the way for a potential Hong Kong listing.
Advanced Micro Devices faces product delay reports; stock slips. Industry checks suggest its next-generation GPUs may ship later than planned, raising concerns about market share losses.
Tesla beats July delivery estimates; shares inch higher. The EV leader reported 215,000 global deliveries for the month, easing fears of demand slowdown amid intensifying competition.
Palantir Technologies lands $1.2 billion Pentagon contract; extends rally. The multiyear deal to modernize defense data analytics bolstered confidence in the company’s government revenue pipeline.
Taiwan Semiconductor Manufacturing pressured by U.S. export bill. Proposed legislation tightening advanced chip equipment exports weighed on the foundry giant’s ADRs and sector sentiment.
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